Manufacturing Industry
Lufthansa wants to sell bmi stake - claim
Airline Industry Information, Jan 25, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
German airline Lufthansa is reported to be looking to sell its stake in Britain's bmi.
The German carrier reportedly wants to sell the stake to escape a clause that might force it to buy a further GBP229m stake in bmi. According to The Daily Telegraph, Lufthansa has approached British Airways and Virgin Atlantic regarding its 30% stake.
The clause is in an agreement signed in 1999, under which bmi chairman Sir Michael Bishop has an option to sell his stake in bmi to Lufthansa. It is believed that Bishop could exercise the option to sell his 50% plus one share this year.
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