BA writes down Flybe stake
11.06.08
British Airways has written the value of its 15% stake in Flybe down by £6m, Business Travel World reports. In the airline’s annual report, released last week, BA says it has made the adjustment because of the ‘expected significant and prolonged decline in fair value [of the Flybe stake] associated with fuel price increases’. It has also classed its stake as available for sale.
BA acquired the stake in the airline as part of the deal on 5 March 2007 which saw Flybe take over the loss-making BA Connect regional services. BA paid Flybe £129m in the deal, for which it acquired a 15% share in the Exeter-based regional budget airline. At the end of the 2007 financial year, the stake was valued at £49m, suggesting a value for Flybe of over £300m
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