BMI controlling share bought by Lufthansa
Ferry Online Travel News 30/10/2008
The German carrier Lufthansa is purchasing the controlling stake in bmi for a reported price of £320 million.
Already holding 30 per cent of the shares in bmi, Lufthansa is acquiring the 50.1 share owned by Sir Michael Bishop.
It is widely expected by airline analysts that Lufthansa will also buy the remaining 20 stake from SAS, as the Scandinavian carrier has put its share up for sale.
The deal is expected to be completed by the 12th January, according to a spokesman for Lufthansa.
Once the agreement is finalized, Lufthansa will become Heathrow Airport’s second-largest carrier, behind British Airways. Bmi currently controls 11 per cent of Heathrow’s landing and takeoff slots.
In commenting on third quarter results, Lufthansa’s chairman and CEO, Wolfgang Mayrhuber, said: “Ahead of us lies a challenging and doubtlessly difficult time, which for various reasons can change the course of the entire industry as well as that of Lufthansa.”
Mayrhuber added: “We know that new challenges await us, daily. They only spur us on and we welcome them. We are equipped with a stable management, outstanding specialists and a service-oriented team, who work willingly and well with partners. That is Lufthansa attribute.”
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