Air Berlin, TUI Travel Sign Cooperation Agreement
29 Marzo 2009 - 1:32PM
Dow Jones News
Discount airline Air Berlin PLC (AB1.XE) said Friday it has
signed a strategic cooperation agreement with the TUI Travel PLC
(TT.LN) and their affiliated companies with respect to a strategic
cooperation regarding the German aviation business.
After the agreement of both boards, Air Berlin PLC and TUI
Travel PLC, and the supervisory boards of the affiliated companies,
the transaction contains the following substantial elements:
A group member company of TUI Travel PLC participates in Air
Berlin PLC with a minority interest which will not exceed 20%. The
participation is acquired by way of a subscription to 16,326,721
new shares on the basis of a fixed share quotation at a value of
EUR3.97.
Air Berlin PLC indirectly acquires a participation in the same
percentage in TUIfly (i.e. in Hapag Lloyd Fluggesellschaft mbH /
Hapag Lloyd Express GmbH).
Furthermore, Air Berlin PLC takes over through Air Berlin PLC
& Co. Luftverkehrs KG the route portfolio of the city sector of
TUIfly. Air Berlin PLC & Co. Luftverkehrs GmbH will utilise
aircraft capacities (17 aircraft) by means of long-term service
agreements with TUIfly.
The route portfolio of the charter sector remains with TUIfly,
which will continue to operate 21 airplanes.
Agreements are subject to approval by the relevant cartel
authorities.
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