A FedEx spokesperson made clear that the relationship with Flying Cargo, which bought shares in the El Al flotation, was limited to provision of services.
A spokesperson for FedEx says that the company did not invest in the El Al flotation via Israeli company Flying Cargo, contrary to what may have been inferred from a previous report in "Globes".
The spokesperson confirmed that Flying Cargo works with FedEx as a "Global Service Participant", meaning that FedEx contracts Flying Cargo to provide services in the Israeli market. He added, however, that “this business relationship does allow or authorize Flying Cargo to act as a representative of FedEx in any sort of investment transaction. “FedEx is not involved in this transaction in any way whatsoever. The Globes article suggested that FedEx is involved in the acquisition of El Al shares through Flying Cargo. This is absolutely not the case. FedEx has not invested in El Al - nor has it had anything to do with any other company's decision to invest in the airline. FedEx works with Flying Cargo in Israel to provide services for customers. Any suggestion of deeper business ties, shared ownership or joint investment is not correct,” the spokesperson concluded.
Published by Globes [online] - www.globes.co.il - on July 2, 2003