Lufthansa CEO says to sign Air Berlin deal today

12 October, 2017, 14:26 | Author: Regina Silva
  • Lufthansa may pay about 6 million for around 80 planes of Air Berlin. File

The boss of German carrier Lufthansa said he expects to sign a deal today to pick up parts of rival Air Berlin.

Spohr said that both airlines will sign the agreement later in the day in Berlin.

HSBC analysts lifted their target share price to 29 euros from 25 euros, citing the imminent agreement with Air Berlin, a new multi-year labour deal with pilots announced this week and a positive trading performance this year.

Apart from Lufthansa, British budget carrier Easyjet was seen as the other major contender to take over the embattled airline, or parts of the group, which has more than 8,000 employees, 140 aircraft and key airport landing slots.

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Air Berlin has since late September been negotiating exclusively with Lufthansa and United Kingdom -based low-priced rival EasyJet.

Spohr told the Rheinischen Post he did not believe Lufthansa's deal with Air Berlin would result in higher airfares.

Air Berlin, which has struggled to turn a profit over the last decade, filed for insolvency on August 15, and a government loan has kept its planes in the air while its administrator negotiates with prospective buyers for various parts of the business.

Air Berlin's long-haul flights will cease at the end of this week, and tickets for all flights from the end of this month will be invalid. The German government provided a bridging loan to allow all flights to operate, with all Air Berlin flights winding up by 28 October, as talks over its asset sales are set to wrap up today.

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