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IAG to take over British Midland

A deal has been agreed that will see the International Airlines Group take over British Midland.

04 November 2011

The International Airlines Group (IAG) has announced a deal to buy Lufthansa-operated British Midland.

It is still subject to conditions such as a binding purchase agreement, but a number of negotiation strategies may have been in use to complete the transaction.

The hope is that the arrangement will be finalised by the first quarter in 2012, provided due diligences and regulatory clearances are completed.

It comes after IAG released its third quarter results, which showed that operating profit was €363 million (££12 million).

On top of this, profit before tax for the first nine months of the year was €355 million, which is a drastic improvement on the figure recorded in 2010 of €63 million.

Fuel costs have continued to rise for the firm - which has 348 aircraft and carries over 50 million passengers a year - and some €3,751 million was spent on this from January to September, which represented an increase of 28.5 per cent.

Posted by David Gleck

Source: IAG press release, November 4th
 

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