Mon, 16 Apr 2012 | BUSINESS SALE
The European Commission has allowed IAG, British Airways’ parent, to purchase BMI airline. Virgin Atlantic is to appeal against the decision every step of the way, however.
IAG has been given permission to buy BMI from Lufthansa in a deal worth £172.5 million and is due to be completed on 20th April.
The sale was originally announced last winter, and was granted regulatory clearance on 30 March. BA will have an additional 56 slots at Heathrow airport, though it has had to agree to give up 12 slots to secure approval.
Virgin Atlantic president Sir Richard Branson said: “We will challenge every aspect of this process which if allowed to stand, will undoubtedly damage the British airline industry for years to come.
“The European Commission has seemingly ignored all of the strong cases made by politicians, business groups and airlines, to enable one big company to become even more bloated.”
Virgin is to make a bid for all the 12 slots that BA has given up.
The takeover deal could mean the loss of up to 1,200 jobs IAG says. Running flights to Europe, Africa and the Middle East, IAG will have control of over half the slots at Heathrow.
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