UPDATE: Air Berlin, TUIfly Discuss Shareholding Deal
17 Marzo 2009 - 12:36PM
Dow Jones News
German discount airline Air Berlin PLC (AB1.XE) and TUI Travel
PLC (TT.LN) Tuesday said they were in advanced talks over a
strategic partnership under which Air Berlin would take over the
route portfolio of TUIfly's city sector.
The cooperation would give Air Berlin access to markets in
Italy, Stuttgart and Cologne, where TUIfly has a stronger presence,
an Air Berlin spokesman told Dow Jones Newswires. If the deal is
concluded, TUI Travel PLC would take a stake in Air Berlin of up to
20% by way of a subscription to new shares, while Air Berlin would
acquire the same stake in TUIfly via Hapag Lloyd Fluggesellschaft
mbH/Hapag Lloyd Express GmbH.
While Air Berlin would take over the route portfolio of TUIfly's
city sector, the portfolio of the charter sector would remain with
TUIfly.
The Air Berlin spokesman declined to comment on how the planned
cooperation would impact capacities and jobs at Germany's
second-biggest airline.
TUI Travel cautioned that there was no certainty that
discussions would result in an agreed transaction. TUI Travel is
the London-listed tourism division of TUI AG (TUI1.XE).
At 1045 GMT, Air Berlin shares in Frankfurt traded up 2.6% at
EUR3.52. In London, TUI Travel's shares traded up 1.7% at 239
pence.
Analysts view the deal as fundamentally positive, although there
are many open questions. "In light of the difficult environment for
airlines, the companies must look for ways to reduce their cost
structure," one analyst said, adding that cost savings were
achievable in the areas of airport fees and fuel surcharge, for
instance.
Company Web site: www.airberlin.com
www.tuifly.de
-By Natascha Divac and Kirsten Bienk, Dow Jones Newswires, +49 69 29 725 508, natascha.divac@dowjones.com
(Manuel Priego-Thimmel contributed to this report.)
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