IAG takeover of BMI edges closer as bidders for budget and regional arms found
21.01.12
International Airlines Group's (IAG), takeover of BMI has edged closer after it emerged that Lufthansa is in talks with a number of parties to offload bmibaby, its troubled budget airline, and with another party to sell BMI Regional, the Telegraph and Bloomberg report.
IAG, the parent company of BA and Iberia, agreed in December to acquire BMI for £172.5m but the deal was subject to ‘significant reductions’ should Lufthansa not first sell BMI Regional and bmibaby.
Intro Aviation, a German turnaround specialist, has now emerged as an interested party in bmibaby, according to an interview with Bloomberg. Peter Oncken, Intro chief executive, said: ‘We have expressed our interest and the whole procedure is now beginning. The books are being opened and we are looking at the business in detail. We will see if it can be restructured.’
A spokesperson for BMI told the Telegraph: ‘With respect to bmibaby there are several interested parties and we are in the process of identifying the preferred buyer and aim to conclude a purchase agreement as soon as possible.’
The spokesman also said there has been significant progress in selling the regional arm. He said: ‘Regarding BMI Regional we have concluded an agreement with a UK based investor group which is subject to certain pre-conditions which are to be fulfilled.'
The identity of the buyer for the regional arm remains unclear but it is said to have previous links with the business. There have been reports previously that a Scottish consortium plans to buy the Aberdeen based unit.
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