News

Lufthansa and IAG Agree on BMI Sale

Lufthansa and IAG Agree on BMI Sale

Deutsche Lufthansa AG (Lufthansa) and International Consolidated Airlines Group S.A. (IAG) have today reached an agreement in principle on the sale of British Midland Ltd (BMI) to IAG.

The sale and closing of the deal remain subject to conditions including a binding purchase agreement, further due diligence and regulatory clearances. It is envisaged that the purchase agreement will be signed in the coming weeks and the aim is for the transaction to be completed in the first quarter of 2012.

Lufthansa took control of BMI in 2008 by acquiring the 50% of shares owned by then-chairman Sir Michael Bishop, bringing its shareholding to 80%. BMI reported a loss of €154 million for the first nine months of this year. If the deal goes through, IAG will increase its slots at London Heathrow Airport from 45% to 54%.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, editor and proofreader for 53 years, and ITTN's News & Features Editor for 43 years. His travel blog is at www.thetravelbuddhist.com.

More in News

Wendy Wu Extends Free Worldwide Flights Offer for Agents – Adds New Zealand

Neil SteedmanDecember 1, 2020

Emirates Delivers on Customer Promise to Complete Refunds Backlog

Neil SteedmanDecember 1, 2020

New Next-Generation Cruise Terminal Unveiled at Southampton

Neil SteedmanDecember 1, 2020

Etihad Airways Launches Facial Recognition Trial with SITA

Neil SteedmanDecember 1, 2020

SWISS and Romantik Hôtel L’Etoile Culinary Creations for First and Business Class

Neil SteedmanDecember 1, 2020

British Airways opens up its warehouse for sales

Michael FloodDecember 1, 2020

IOM Steam Packet Company update on cancellation of TT 2021

Michael FloodDecember 1, 2020

Titanic Hotel wins’ Northern Ireland’s Leading Hotel’ at World Travel Awards 2020

Michael FloodDecember 1, 2020

Royal Caribbean International’s Black Friday Sale

Michael FloodNovember 25, 2020

Copyright © 2019 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland