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Lufthansa to acquire majority of insolvent Air Berlin

12 October 2017, 04:20 | Taylor George

Lufthansa to acquire majority of insolvent Air Berlin

Lufthansa to acquire majority of insolvent Air Berlin

Lufthansa agreed to buy parts of insolvent German airline Air Berlin for around 210 million euros ($248.72 million), Air Berlin said on Thursday.

Air Berlin triggered bankruptcy proceedings in August after losing a cash lifeline from its biggest shareholder Etihad Airways.

Spohr said, "Today is a big day, which we will seal in a few hours with a signature".

Last month, Air Berlin said negotiations with Lufthansa and easyJet would continue until 12 October, and the latter, which has a base at Berlin's Schoenefeld airport, has reportedly been discussing the possibility of acquiring 27 to 30 aircraft from its bankrupt rival.

A person familiar with the matter said on Wednesday that Lufthansa, Germany's largest airline, was set to buy Air Berlin's Austrian leisure travel airline Niki, its LG Walter regional airline and also acquire some additional short-haul aircraft.

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Photo Lufthansa, Germany's largest airline, said it expected to take over 81 planes from Air Berlin, a low-priced carrier that filed for insolvency this summer.

Meanwhile, unions have complained that many of Air Berlin's staff faced an uncertain future despite promises when talks with Lufthansa and Easyjet began that most would find jobs with the bidders.

News of the impeding deal was well received by analysts, with strategists at HSBC lifting the target price on Lufthansa shares from €25 to €29.

Air Berlin, which accumulated debt for nearly a decade, reported a record loss of €782m (£713m) for a year ago.



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