On 28 November 2014, the CCS announced that it had cleared the notification for decision in relation to the acquisition of Tiger Airways Holdings Limited (“Tigerair”) by Singapore Airlines Limited (“SIA”) (collectively, the “Parties”) on the grounds of a failing firm defence argument. After completion of the aforementioned acquisition, Tigerair is now a subsidiary of SIA due to SIA's increased shareholding interest in Tigerair (the “Transaction”). The grounds of decision released by the CCS on the Transaction represent a landmark merger clearance in Singapore where a merger was cleared, for the very first time, on the basis of a failing defence argument. Due to the stringent requirements of, and high legal threshold, for the failing firm defence, no party notifying a merger to the CCS has
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The Competition Commission of Singapore clears an acquisition in the airline sector in a landmark decision (Singapore Airline / Tiger Airways)
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