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4-Traders Homepage  >  Equities  >  Xetra  >  Air Berlin Plc    AB1   GB00B128C026

AIR BERLIN PLC (AB1)
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EasyJet wins unconditional EU approval to buy Air Berlin assets

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12/12/2017 | 06:23pm CET
EasyJet Commercial passenger aircraft takes off in Colomiers near Toulouse, France

British budget airline easyJet gained unconditional EU antitrust approval on Tuesday to buy parts of Air Berlin, in contrast with rival Lufthansa, which is trying to convince regulators of its own bid for other Air Berlin assets.

The 40 million euro (£35.2 million) deal, which includes some of Air Berlin's operations at Tegel airport, leases for up to 25 A320 aircraft and the taking on of about 1,000 of Air Berlin's pilots and cabin crew, will make easyJet the largest carrier in the German capital.

The European Commission said the acquisition would not hurt competition, confirming a Reuters report on Dec. 4.

"EasyJet's plans to buy certain Air Berlin assets will not reduce competition and we have approved it today," EU Competition Commissioner Margrethe Vestager said in a statement.

"Our decision enables easyJet to grow its presence at Berlin airports and start competing on new routes to the benefit of consumers."

EasyJet said it expected to complete the purchase in the near future. Last week it announced a winter schedule for Tegel and will start competing with Lufthansa on German domestic routes from next month.

Booming tourism demand lifted passenger numbers at Berlin's Tegel and Schoenefeld airports by a combined 11.4 percent last year to almost 33 million.

Lufthansa, which wants to purchase Air Berlin units Niki and LGW, will have to give up more airport slots and routes to address competition concerns or face a full-scale EU investigation, a person familiar with the matter told Reuters last week.

Air Berlin on Tuesday said that there were no other bidders for Niki after talks with Thomas Cook failed to result in a new offer, leaving Niki's future uncertain if Lufthansa's bid is rejected on competition grounds.

The Commission, which is scheduled to decide on Lufthansa's case by Dec. 21, will open a full-scale investigation if the airline fails to address its concerns.

($1 = 0.8522 euros)

(Reporting by Foo Yun Chee and Philip Blenkinsop in Brussels; Additional reporting by Alistair Smout in London and Andreas Cremer in Berlin.; Editing by Jane Merriman and David Goodman)

By Foo Yun Chee

Stocks treated in this article : Lufthansa Group, Air Berlin Plc, EasyJet
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Financials (€)
Sales 2017 3 114 M
EBIT 2017 -179 M
Net income 2017 -
Debt 2017 1 498 M
Yield 2017 -
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 0,48x
EV / Sales 2018 0,46x
Capitalization 4,91 M
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Number of Analysts 1
Average target price 0,01 €
Spread / Average Target -76%
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Managers
NameTitle
Thomas Winkelmann Chief Executive Officer & Executive Director
Gerd Becht Chairman
Oliver Iffert Chief Operating Officer
Courtelis Dimitri Chief Financial Officer
Joachim Edmund Hunold Co-Vice Chairman
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