JAL rejects AGP's request, pursues shareholder proposal

Japan Airlines (JAL) has publicly rejected a request from AGP Corporation (AGP) to withdraw its shareholder proposal aimed at resolving management turmoil at AGP. JAL issued a statement on June 25, 2025, clarifying its intent to move forward with the proposal at AGP's upcoming Annual General Meeting (AGM). This follows AGP's criticism of JAL's disclosure related to a tender offer proposal for AGP shares at JPY 2,015 per share by Macquarie Asia-Pacific Infrastructure Investments 4 Pte. Ltd. JAL believes AGP’s disclosure was misleading. JAL stated it has no intention to tender its own shares in response to Macquarie's offer, nor does it plan to engage in discussions with Macquarie or AGP regarding the tender offer. JAL, along with Japan Airport Terminal Co., Ltd. and ANA Holdings Inc., intends to take AGP private through a share consolidation, which it says will benefit AGP's stakeholders.