Mergers & Acquisitions News
BA and Iberia agree merger deal
British Airways and Spain’s Iberia have announced that they have reached a preliminary agreement for a merger following discussions at separate board meetings throughout yesterday.
Continental joins Star Alliance
Continental Airlines has been officially welcomed into the Star Alliance having dropped its membership of the smaller Skyteam partnership, with COO Jeff Smisek likening the move to an upgrade from “economy to business class” during a press conference in New York.
Flybe enters race to buy BMI
Flybe has emerged as a potential runner in the race to buy BMI from Lufthansa. The regional carrier is being tipped to make a joint bid with British Airways, which would sideside potential competition issues over BA’s dominance at Heathrow.
BA/AA hits stumbling block
The proposed tie-up between British Airways and American Airlines has hit a stumbling block after two senior US transport chief have been forced to rule themselves out of the decision-making process. Both the US transportation secretary and his deputy have stepped aside over the ruling whether to grant BA anti-trust immunity.
Lufthansa takes full control of Austrian
Lufthansa has ended months of negotiations by finally taking full control of Austrian Airlines. The German carrier now holds more than 90% of shares in the troubled flag carrier after state-owned holding company.
Aer Lingus “no idea” on ability to thwart Ryanair bid
Aer Lingus has admitted to having “no idea” if it would be able to resist a third bid by Ryanair after its first half losses trebled. But the beleaguered carrier dismissed as “speculation” new reports that it is set to make 500 redundancies from its 3,800-strong workforce in a €130 million savings plan.
Green Light for Merger of Austrian Airlines and Lufthansa
The European Commission today approved the merger of the Austrian Airlines Group and
Lufthansa
Lufthansa eyes BMI sale to Virgin
Lufthansa could be poised to offload its loss-marking subsidiary BMI to Virgin Atlantic as it grapples to raise cash. Despite taking full control of the Heathrow-based carrier just two months ago, it is now eyeing a disposal and has already held preliminary talks with Richard Branson over a complete or partial sale.
Continental Airlines to join Star Alliance on October 27 2009
Continental Airlines has announced that it plans to join Star Alliance on Oct. 27, 2009. As previously announced, Continental will end its participation in SkyTeam after its last scheduled flight on Oct. 24, 2009.
Branson appeals to Obama to halt BA-AA merger
Richard Branson has taken his battle against the proposed tie-up between British Airways and American Airlines to Barack Obama. The Virgin Atlantic founder has written to the US President in the hope of persuading US administrations to block the transatlantic tie-up between his two arch rivals, claiming it will suffocate competition at Heathrow.
Lufthansa cleared for AUA take-over
The European Commission has given the green light for Lufthansa’s take-over of Austrian Airlines, but with a series of conditions. EU antitrust chief Neelie Kroes made the announcement following a series of talks with the Lufthansa chief executive.
Southwest plans bid for Frontier
Southwest Airlines is gearing up to make a bid for bankrupt low-cost Frontier Airlines when it emerges from bankruptcy protection later this year.
New Iberia chairman pledges to seal BA merger
The new chairman of Iberia has pledged to seal the proposed merger with British Airways. Antonio Vazquez Romero said that his aim was to close the deal between the Spanish and British flag carriers after almost a year of dragging.
Iberia chairman ousted to pave way for BA merger
Merger talks between British Airways and Iberia have been given a boost following the sudden departure of the Spanish flag carrier’s chairman. Fernando Conte has vacated the top job, with the official line that he wanted to step down before his 60th birthday next year. But according to company sources he was ousted because of a lack of progress in merger talks with BA.
Virgin Blue and Delta plot transpacific alliance
Delta Air Lines and Virgin Blu are planning a joint venture in a bid to expand the reach of both carriers between the US, Australia and the South Pacific.The airlines announced they are seeking regulatory approval for the alliance, and antitrust immunity in the meantime to implement code sharing, frequent-flyer programme reciprocity and lounge exchange rights.
BA and Iberia merger talks stumble
Merger talks between British Airways and Iberia are making little headway despite reassurances from both sides of an imminent tie-up, according to sources within both airlines.The number of problems to be resolved before the merger can proceed is far bigger than the respective heads Willie Walsh and Fernando Conte have revealed. A deal is unlikely to be struck before the summer, reports the Times newspaper.
BA and Iberia on brink of merging
British Airways has dropped its strongest hint yet that its proposed merger with Iberia is imminent, saying there is only one outstanding issue to be resolved before the deal can proceed.Chief executive Willie Walsh confirmed a number of hurdles had been overcome, including the BA’s pension deficit and the chairman and chief executive roles. Most importantly, the share of ownership has also been agreed - this was earlier seen which as the biggest challenge due to the recent slump in BA’s share price, leading to Iberia pushing for an equal equity split.
Pensions regulators no barrier to Iberia mergers, says Walsh
Willie Walsh has said that British Airways does not need clearance from its pension regulator for its planned merger with Iberia.“There is no cash involved - it is an all-share merger. We don’t see any issue with our trustees. This will lead to a stronger company,” Walsh told The Times newspaper.
BA plans Qantas merger before Iberia
British Airways is planning to merge with Qantas before Iberia, according to The Times.The deal would involve the creation of a dual-listed corporate structure between itself and Qantas, followed by the merger with Iberia.
