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Lufthansa set to sign Air Berlin deal Ryanair to challenge Lufthansa's Air Berlin deal
(about 7 hours later)
Lufthansa is set to sign a deal to buy parts of Air Berlin, the failed German carrier. Ryanair is set to challenge a Lufthansa deal to to buy parts of failed German carrier Air Berlin.
Germany's second-largest carrier filed for bankruptcy in August after its main shareholder, Etihad, said it would not give further financial support. The budget Irish airline said it would take the €210m deal to European competition authorities.
Lufthansa plans to use Air Berlin planes to expand its Eurowings budget airline business.
Air Berlin filed for bankruptcy in August after its main shareholder, Etihad, said it would not give further financial support.
Flights continued after a transitional loan of €150m from the German government.Flights continued after a transitional loan of €150m from the German government.
The airline has since been negotiating with potential buyers for parts of its business. Germany's second-largest carrier has since been negotiating with potential buyers for parts of its business.
It said last month that negotiations with Lufthansa and EasyJet would continue until Friday. Lufthansa has agreed to buy Air Berlin's Austrian leisure travel airline Niki, its LG Walter regional airline and 20 additional aircraft.
"We will see a milestone in the history of Lufthansa and Air Berlin today," Lufthansa chief executive Carsten Spohr told Rheinische Post. Ryanair previously described the negotiations as a "stitch-up" intended to strengthen Lufthansa.
Lufthansa, Germany's largest airline, is set to buy Air Berlin's Niki leisure unit, its LG Walter regional airline and some additional short-haul aircraft, Reuters reported. "We will be referring the matter to the EU competition authority in due course," a Ryanair spokesman.
Mr Spohr said he expected the imminent Air Berlin deal to receive European Union approval by the end of the year, allowing operations to stabilise within about six to nine months. Andreas Mundt, head of Germany's cartel office, said the European Commission would take a close look at the deal and that German authorities would follow the process closely.
Shares in Lufthansa rose more than 3% to top Germany's Dax index after the chief executive's comments and upbeat notes from analysts. Lufthansa chief executive Carsten Spohr said earlier he expected the Air Berlin deal to receive European Union approval by the end of the year.
Shares in Lufthansa rose 2.8% in Frankfurt.
Air Berlin, which accumulated debt for almost a decade, reported a record loss of €782m (£713m) for last year.Air Berlin, which accumulated debt for almost a decade, reported a record loss of €782m (£713m) for last year.