Lufthansa Moves Forward With Sale Of British Midland To IAG | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 11.21.14 ** HD iPad-Friendly -- Airborne 11.21.14 **
** Airborne 11.19.14 ** HD iPad-Friendly -- Airborne 11.19.14 **
** Airborne 11.17.14 ** HD iPad-Friendly -- Airborne 11.17.14 **

Fri, Dec 23, 2011

Lufthansa Moves Forward With Sale Of British Midland To IAG

Airline Says It Will Benefit From A Stronger Financial Position After The Sale

Deutsche Lufthansa AG (Lufthansa) and International Airlines Group (IAG) have signed a binding agreement for the sale of British Midland Limited (bmi) to IAG in a deal worth about $270 million cash. Both parties project the transaction will close by the end of the first quarter 2012.

“bmi’s employees and management team have shown great motivation and unfailing commitment in dealing with the financial challenges of the past years," said Christoph Franz, CEO and Chairman of the Executive Board of Deutsche Lufthansa AG. "For this I owe them my thanks and appreciation. It was therefore especially important for us to find the solution that best provides the company and its employees with sustainable prospects for the future. This has been achieved through the sale of bmi to IAG. And as part of Lufthansa’s strategic development the sale means that our customers, shareholders and employees will benefit from a sharpened corporate profile and a stronger financial position of the Group. Both of these are necessary elements to enable sustainable, profitable growth.”

As part of the agreement, a British holding company of Lufthansa, is to take on bmi’s defined benefit pension scheme. Lufthansa said the sale will allow it to align its airline portfolio to a more strategic fit with benefits form a stronger earnings position. The deal is subject to regulatory approval.

FMI: www.lufthansa.com, www.iairgroup.com

Advertisement

More News

Airborne 11.21.14: AEA's 3Q/14 Report, Fantasy Of Flight, Modernizing The NAS

Also: Holland Wants Gold, FAA Strangling UAVs?, RAF WWII Trainer For Sale, Bf109s Live, Georgia v Aerospace Engineers The Aircraft Electronics Association has released its third-qu>[...]

Aero-News: Quote Of The Day (11.23.14)

"Reaching this stage that we call ATLO is a critical milestone. This is a very satisfying point of the mission as we transition from many teams working on their individual elements>[...]

ANN FAQ: Getting The Most Out Of ANN's Newsletters

ANN goes through a lot of trouble to make the graphics flashy and cool and an integral part of the story. But let's face it, they're bandwidth-intensive. So here are a couple of th>[...]

Air Force Funds Research On Thermal Management Technology For Fighters

Heat Generated By Electronic Systems A Growing Challenge Managing heat that is generated by electronic subsystems in next-generation aircraft is a vexing challenge for aerospace sy>[...]

Raytheon Successfully Demonstrates Airborne Electronic Attack System

Prototype Test Flights Evaluate Integrated Electronic Warfare Capabilities The U.S. Navy and Raytheon successfully demonstrated an end to end, first of its kind, integrated electro>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC