Integral and ANA Holdings are reported to be in final negotiations concerning the size of the stake Integral would control in the airline company. Reports suggest that Integral is seeking more than 50% but ANA is keen to prevent Skymark from being controlled by other airline companies. ANA will take a stake of less than 20%, while other investors – Development Bank of Japan and Sumitomo Mitsui Banking Corp., will take the stake up to remaining 50%. If ANA takes more than 20%, the Land, Infrastructure, Transport and Tourism Ministry may view Skymark as its subsidiary, which would trigger a

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