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.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
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