AirAsia said Friday that majority shareholder Tune Air is "unable to secure financing" for its bid to acquire the remaining shares of the carrier and take it private owing to "tight credit market conditions." Tune Air, which holds a 30.9% stake in AirAsia, said in October it was "considering" the step (ATWOnline, Oct. 10). But the global credit crunch means that it "is unable to form a firm intention to proceed," AirAsia said in an announcement to the Bursa Malaysia.

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