Air Berlin determined to acquire stake in Condor

Tags :Continental Europe, Air Berlin


Air Berlin stated it remains determined to acquire a 75% stake in Condor in February next year and the remaining 25% in the following year. The company also denied a report that Air Berlin was intent on provoking the Federal Cartel Office into rejecting the application currently under scrutiny by its lack of co-operation. Air Berlin added that any rejection of the takeover bid will not be taken lying down.

 

Air Berlin’s CEO, Joachim Hunold, also rejected reports that Air Berlin could no longer afford to buy Condor, on account of the drop in share values.

Hunold stated that "the figures quoted in the report are wrong. At the current share price - which can improve by February 2009, after all – the 29.9% of shares in Air Berlin, the maximum stake that Thomas Cook wants to purchase, is not worth EUR130, but around EUR200 million. The difference between this and the purchase price of EUR500 million is also reduced by Condor’s cash assets on the date of takeover. When the contract was signed that amounted to EUR440 million, leaving a net payment of EUR60 million."

© Centre for Asia Pacific Aviation. Date posted: 28-Apr-08
 

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