Originally Posted by
BOSTravels
If simple addition-math holds in these JVs with respect to power:
DL will get: 49% direct VS + 10% x 31% indirect VS = 52.1% VS.
Majority!
DL will have 49% voting shares assuming that all shares have voting rights and AFKL will have 31% voting shares. DL does not, in theory, gain voting shares in VS because it owns 10% of the AFKL shares. It may be able to exert influence on how AFKL votes, but one cannot do the equation which you offered with any validity.