Lufthansa confirms interest in Airberlin takeover
Lufthansa has confirmed an interest in taking over Airberlin; however, the carrier will look to Etihad Airways to take care of Airberlin’s debts. Etihad owns a 29.2% stake in Airberlin, which has debts of E1.2b (US$1.3b). In January, Lufthansa Group chairman and CE Carsten Spohr had said that Airberlin’s debts were “much too high to attract an investor.” Airberlin reported a E781.9m loss ($824m) for 2016, deepened from a E446.6m loss in the year-ago period. For the 2017 Q1, Airberlin posted a net loss of E293.3m, widened from a E182.3m loss in the year-ago period. Airberlin said 2016 and 1Q 2017 were dominated by the transition to a new business model. The old business model and high restructuring costs had a huge impact on last year’s results. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-05-09/star/lufthansa-confirms-interest-in-airberlin-takeover
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Lufthansa confirms interest in Airberlin takeover
Lufthansa has confirmed an interest in taking over Airberlin; however, the carrier will look to Etihad Airways to take care of Airberlin’s debts. Etihad owns a 29.2% stake in Airberlin, which has debts of E1.2b (US$1.3b). In January, Lufthansa Group chairman and CE Carsten Spohr had said that Airberlin’s debts were “much too high to attract an investor.” Airberlin reported a E781.9m loss ($824m) for 2016, deepened from a E446.6m loss in the year-ago period. For the 2017 Q1, Airberlin posted a net loss of E293.3m, widened from a E182.3m loss in the year-ago period. Airberlin said 2016 and 1Q 2017 were dominated by the transition to a new business model. The old business model and high restructuring costs had a huge impact on last year’s results. <br/>
