RPT Air Berlin buys LTU for 140 mln eur; to buy 49 pct of Belair UPDATE |
|
|
|
Published
:
Tue, 27 Mar 2007 07:33
|
(repeating to clarify Air Berlin is listed on SDAX index)LONDON (AFX) - Air Berlin Plc said it acquired 100 pct of LTU yesterday for 140 mln eur, including 190-200 mln eur net debt, to boost growth.The German airline sees annual savings of 70-100 mln eur resulting from the acquisition, the company said in a statement today.It will finance the takeover by issuing convertible bonds and new shares worth about 250 mln eur. The new shares may total up to 10 pct of existing share capital.The agreement is subject to the approval of the German Federal Cartel Office, Air Berlin said.While LTU will remain a legally independent company, Air Berlin will integrate LTU's routes in the European market into its own network, it said. Air Berlin further announced a new code sharing agreement with KarstadtQuelle AG's budget airline Condor at the beginning of the summer season 2007/2008, which will replace a similar agreement with TUI AG's TUIfly, it added.In addition, the SDAX-listed carrier also said it intends to acquire a 49 pct stake in the Swiss company Belair Airlines AG.Belair, which is owned by Migros Group's Hotelplan, currently operates a fleet of three airplanes.patrizia.kokot@thomson.compk/mas/hjp/mas/hjpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
|
|
|
|
Print this Story
Air Berlin buys 100 pct of LTU for 140 mln eur; to buy 49 pct of Belair UPDATE 