Branson plans to remain ‘major shareholder’ in Virgin Atlantic; seeks partner
07.04.11
Sir Richard Branson has said that he intends to find an equity partner for Virgin Atlantic Airways and is likely to sell down his 51% stake in the airline, but will remain a 'major shareholder', Bloomberg reports.
Sir Richard hired Deutsche Bank AG to assess his options for his stake in the airline last year after BA and American Airlines were given permission for a transatlantic joint venture. He told the news service yesterday: ‘I will certainly still be extremely involved in the airline, whatever we decide to do, and I will still be a major shareholder. We are in discussions with various people and will see what comes out of it.'
The airline has 288 takeoff and landing slots at Heathrow - three percent of the total - which could allow a buyer much sought-after extra slots to add flights to US and Asian business markets. It has been speculated that an airline might buy Virgin Atlantic for the slots, raising questions about its long term future. However, Sir Richard's comments suggest this is not an option being considered.
Virgin Atlantic is looking at joining an airline alliance and expects to announce details within a few months. Sir Richard told Bloomberg: ‘It makes sense for Virgin Atlantic to have a partner' to compete with British Airways.
To book heathrow airport hotel or heathrow airport car park at the lowest price, click on these links to two great heathrow airport car parking and heathrow airport hotel price comparison page
