Japan Airlines rejects AGP's call to withdraw shareholder proposal

Japan Airlines (TSE:9201) announced that it will not withdraw its shareholder proposal at AGP Corp's upcoming general meeting, despite calls to do so from AGP. JAL believes AGP's previous disclosures regarding the Macquarie Asia-Pacific Infrastructure Investments 4 Pte. Ltd. tender offer for AGP shares at a price of JPY2,015 per share were misleading. JAL also reiterated its lack of intention to tender its own AGP shares in the Macquarie offer, or to collaborate with Macquarie on the matter. JAL is seeking to pass its shareholder proposal to resolve what it sees as management turmoil at AGP and increase corporate value via privatization via a share consolidation. JAL has the backing of Japan Airport Terminal Co., Ltd. and ANA Holdings in the proposal.