Lufthansa buys controlling share in bmi

At a price of approximately £320 million, the German airline Lufthansa is buying the controlling stake in bmi. Already holding 30 per cent of the carrier, Lufthansa is purchasing Sir Michael Bishop’s 50.1 per cent share.

Industry analysts are expecting that the German carrier will also make a bid for the remaining 20 per cent of shares in bmi, which are owned by SAS. SAS has recently put itself, and its shares in bmi, up for sale.

When this deal is completed, Lufthansa will be the second-largest airline operating at Heathrow – behind British Airways.

Eleven per cent of the take-off and landing slots at London Heathrow are controlled by bmi.

It is anticipated that the deal will be completed by 12 January, according to Lufthansa.

During his report on the airline’s third quarter results, the carrier’s chairman and CEO, Wolfgang Mayrhuber, said to analysts: “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.

He 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.”

Thanks to www.travelmole.com for the above quotes, for more information please visit their website.

www.lufthansa.com