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发表于 2006-3-2 03:44
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DBA, LTU team up to take on Lufthansa in German skies
Hans Rudolf Woehrl, chairman of the supervisory board of German low-fare airline DBA, gives a press conference at the airport in Munich, in February 2005. DBA unveiled plans to team up with the bigger rival LTU in a move to challenge the domination of flag carrier Lufthansa in the skies above Germany
DBA, the fastest-growing German airline, unveiled plans to team up with the bigger rival LTU in a move to challenge the domination of flag carrier Lufthansa in the skies above Germany. DBA's owner Hans-Rudolf Woehrl said his investment vehicle Intro Verwaltungsgesellschaft mbH would take over a majority 60-percent stake in loss-making charter holiday carrier LTU. Financial details were being kept under wraps, Woehrl said. While LTU and DBA would formally remain independent, the combination of the two airlines would create a new low-cost carrier with global reach, Woehrl said.
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DBA, which describes itself as the second-biggest airline in Germany after Lufthansa, would focus on inner-German flights, while LTU would be responsible for European and international routes. The networks of both airlines would be tailored for a better fit, Woehrl said. "Doubling up is uneconomical."
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LTU has long been on the look-out for a new investors after the former Swiss flag carrier Swissair offloaded its stake as part of its own financial crisis in 2001.
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Distribution giant REWE would hold on to its 40-percent stake in LTU. The former Swissair's stake of 49.9 percent is currently held by trustees Metzeler van Betteray. And the remaining 10.1 percent is held by CKA, a financing arm of bank Sal. Oppenheim.
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Woehrl had agreed to take over the stakes of CKA and Metzerler van Betteray.
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LTU chief Juergen Marbach described the deal as the "dream solution", since the two carriers were a perfect fit. Employees need not worry about their jobs since DBA and LTU would maintain their separate headquarters in Munich and Duesseldorf, Marbach said. However, it had not yet been decided whether the two brands would continue to exist side-by-side.
REWE was also full of praise for the deal, saying that Woehrl had succeeded in steering DBA, the former German arm of British airways, into profit within a short period of time.
LTU has a fleet of 26 aircraft and generates annual sales on 2,800-strong workforce. Its financial fortunes were sent into disarray by the collapse of Swissair in 2001 but is expected to return to profit this year.
For its part, DBA is expanding aggressively. Earlier this week it announced that it had doubled its share capital and secured a new investor to help finance the future expansion of its own aircraft fleet.
Financial investor Lutz Helmig, founder and former owner of medical clinic operator Helios Kliniken GmbH, had bought a 25.1-percent stake in DBA for an undisclosed sum.
The deal was agreed as part of a capital increase at DBA, which would see the carrier's share capital nearly doubled to 20 million euros (24.0 million dollars), the statement said. The capital increase and Helmig's investment would secure DBA's independence and help finance the planned purchase of 40 new Boeing 737-700 jets.
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Woehrl remains the biggest shareholder in DBA via his Intro holding company with a stake of 59.9 percent. Helmig is the next biggest with a stake of 25.1 percent and DBA managers Martin Gaus and Peter Wojhan hold 7.5-percent apiece. ?AFP
[ 本帖最后由 zhangshijun 于 2006-3-2 03:46 编辑 ] |
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