Fri, 04 Nov 2011 | BUSINESS SALE
British Airways' owner International Airlines Group has agreed to buy the loss-making airline Bmi, currently owned by Lufthansa.
The purchase agreement for the deal, worth about £300 million, is due to be signed in the next few weeks, and the business to change hands in early 2012.
The deal would see BA increase its share of Heathrow take-off and landing slots from around 45 per cent to over 53 per cent. The deal is still subject to regulatory clearance.
Virgin Atlantic has raised concerns about the deal and is expected to request a full competition investigation. The firm said; “British Airways’s hold over Heathrow is already too dominant and we are very concerned – as the competition authorities should be – that BA’s purchase of BMI would be disastrous for consumer choice and competition.”
Despite experiencing what it called “some demand softness” last month amid the eurozone crisis, IAG’s latest results show a fivefold increase in pre-tax profits in the nine months to 30 September, and a 12 per cent increase in turnover to €12.3bn. Rising fuel costs have hit operating profits for the last quarter, which fell from €528m to €363m.
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