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BMI being taken over by Lufthansa
http://news.bbc.co.uk/2/hi/business/7697261.stm
BMI being taken over by Lufthansa BMI is Heathrow's second-biggest airline UK airline BMI is being taken over by Germany's Lufthansa. Lufthansa, which already owns a 30% stake in BMI minus one share, is buying the 50% of the company owned by BMI chairman Sir Michael Bishop. The deal will give Lufthansa control of more flights from London Heathrow airport than any other airline except British Airways. The remaining 20% of BMI is currently owned by Sweden-based Scandinavian Airlines (SAS). BMI flew 10.6 million passengers last year and operates 54 aircraft. It controls 11% of landing and take-off slots at Heathrow. Lufthansa said it intended to complete the deal by 16 January. It has not said how much it is paying for the 50% stake. The German airline signed an agreement with Sir Michael back in 1989 that if he ever wanted to sell his BMI stake, it would have first refusal. Sector under pressure There had been growing speculation in recent months that Sir Michael was keen to sell his share in the business. Lufthansa tailfins Lufthansa is Germany's largest airline Last month, BMI declined to comment on reports that it had been approached by Abu Dhabi carrier Etihad over a possible merger. Like almost all airlines, BMI has seen its profits hit this year by the big rises in the price of aviation fuel in the first half of the year. This has led to a number of carriers seeking closer ties with rivals, such as British Airways' plans for a tie-up with American Airlines. Other airlines have had to cease operations, including Zoom, XL and Sterling. LUFTHANSA 83.1 million passengers last year Flies to 209 destinations 276 planes Analysts said Lufthansa's relative financial strength, combined with the current troubles in the airline industry, meant it had been able to go on something of a bargain-hunting spending spree. Earlier this year, Lufthansa had bought a 45% stake in Brussels Airlines. BMI 10.6 million passengers last year Flies to 51 destinations 54 planes The BMI announcement came as Lufthansa announced a 75% fall in net profit for the July to September period, which it blamed on higher fuel costs. However, aviation fuel is now falling in price as it trails the recent sharp declines in crude oil costs. BMI's two main hubs are Heathrow and Manchester, but it also operates from 13 other UK airports. |
#2
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Warning virus
"Sue Veneer" a écrit dans le message de ... http://news.bbc.co.uk/2/hi/business/7697261.stm BMI being taken over by Lufthansa BMI is Heathrow's second-biggest airline UK airline BMI is being taken over by Germany's Lufthansa. Lufthansa, which already owns a 30% stake in BMI minus one share, is buying the 50% of the company owned by BMI chairman Sir Michael Bishop. The deal will give Lufthansa control of more flights from London Heathrow airport than any other airline except British Airways. The remaining 20% of BMI is currently owned by Sweden-based Scandinavian Airlines (SAS). BMI flew 10.6 million passengers last year and operates 54 aircraft. It controls 11% of landing and take-off slots at Heathrow. Lufthansa said it intended to complete the deal by 16 January. It has not said how much it is paying for the 50% stake. The German airline signed an agreement with Sir Michael back in 1989 that if he ever wanted to sell his BMI stake, it would have first refusal. Sector under pressure There had been growing speculation in recent months that Sir Michael was keen to sell his share in the business. Lufthansa tailfins Lufthansa is Germany's largest airline Last month, BMI declined to comment on reports that it had been approached by Abu Dhabi carrier Etihad over a possible merger. Like almost all airlines, BMI has seen its profits hit this year by the big rises in the price of aviation fuel in the first half of the year. This has led to a number of carriers seeking closer ties with rivals, such as British Airways' plans for a tie-up with American Airlines. Other airlines have had to cease operations, including Zoom, XL and Sterling. LUFTHANSA 83.1 million passengers last year Flies to 209 destinations 276 planes Analysts said Lufthansa's relative financial strength, combined with the current troubles in the airline industry, meant it had been able to go on something of a bargain-hunting spending spree. Earlier this year, Lufthansa had bought a 45% stake in Brussels Airlines. BMI 10.6 million passengers last year Flies to 51 destinations 54 planes The BMI announcement came as Lufthansa announced a 75% fall in net profit for the July to September period, which it blamed on higher fuel costs. However, aviation fuel is now falling in price as it trails the recent sharp declines in crude oil costs. BMI's two main hubs are Heathrow and Manchester, but it also operates from 13 other UK airports. |
#3
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Warning virus
"Fly by air..." :-) -- Best Greg " I find Greg Morrow lowbrow, witless, and obnoxious. For him to claim that we are some kind of comedy team turns my stomach." - "cybercat" to me on rec.food.cooking "Runge13" wrote in message ... "Sue Veneer" a écrit dans le message de ... http://news.bbc.co.uk/2/hi/business/7697261.stm BMI being taken over by Lufthansa BMI is Heathrow's second-biggest airline UK airline BMI is being taken over by Germany's Lufthansa. Lufthansa, which already owns a 30% stake in BMI minus one share, is buying the 50% of the company owned by BMI chairman Sir Michael Bishop. The deal will give Lufthansa control of more flights from London Heathrow airport than any other airline except British Airways. The remaining 20% of BMI is currently owned by Sweden-based Scandinavian Airlines (SAS). BMI flew 10.6 million passengers last year and operates 54 aircraft. It controls 11% of landing and take-off slots at Heathrow. Lufthansa said it intended to complete the deal by 16 January. It has not said how much it is paying for the 50% stake. The German airline signed an agreement with Sir Michael back in 1989 that if he ever wanted to sell his BMI stake, it would have first refusal. Sector under pressure There had been growing speculation in recent months that Sir Michael was keen to sell his share in the business. Lufthansa tailfins Lufthansa is Germany's largest airline Last month, BMI declined to comment on reports that it had been approached by Abu Dhabi carrier Etihad over a possible merger. Like almost all airlines, BMI has seen its profits hit this year by the big rises in the price of aviation fuel in the first half of the year. This has led to a number of carriers seeking closer ties with rivals, such as British Airways' plans for a tie-up with American Airlines. Other airlines have had to cease operations, including Zoom, XL and Sterling. LUFTHANSA 83.1 million passengers last year Flies to 209 destinations 276 planes Analysts said Lufthansa's relative financial strength, combined with the current troubles in the airline industry, meant it had been able to go on something of a bargain-hunting spending spree. Earlier this year, Lufthansa had bought a 45% stake in Brussels Airlines. BMI 10.6 million passengers last year Flies to 51 destinations 54 planes The BMI announcement came as Lufthansa announced a 75% fall in net profit for the July to September period, which it blamed on higher fuel costs. However, aviation fuel is now falling in price as it trails the recent sharp declines in crude oil costs. BMI's two main hubs are Heathrow and Manchester, but it also operates from 13 other UK airports. |
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