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| Version 3 | Version 4 |
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| BMI being taken over by Lufthansa | BMI being taken over by Lufthansa |
| (10 minutes later) | |
| UK airline BMI is being taken over by Germany's Lufthansa. | UK airline BMI is being taken over by Germany's Lufthansa. |
| Lufthansa, which already owns a 30% stake in BMI minus one share, is buying the 50% of the company owned by BMI chairman Sir Michael Bishop. | Lufthansa, which already owns a 30% stake in BMI minus one share, is buying the 50% of the company owned by BMI chairman Sir Michael Bishop. |
| The deal will give Lufthansa control of more flights from London Heathrow airport than any other airline except British Airways. | The deal will give Lufthansa control of more flights from London Heathrow airport than any other airline except British Airways. |
| The remaining 20% of BMI is currently owned by Sweden-based Scandinavian Airlines (SAS). | The remaining 20% of BMI is currently owned by Sweden-based Scandinavian Airlines (SAS). |
| BMI flew 10.6 million passengers last year and operates 54 aircraft. It controls 11% of landing and take-off slots at Heathrow. | |
| Lufthansa said it intended to complete the deal by 16 January. It has not said how much it is paying for the 50% stake. | Lufthansa said it intended to complete the deal by 16 January. It has not said how much it is paying for the 50% stake. |
| The German airline signed an agreement with Sir Michael back in 1989 that if he ever wanted to sell his BMI stake, it would have first refusal. | The German airline signed an agreement with Sir Michael back in 1989 that if he ever wanted to sell his BMI stake, it would have first refusal. |
| Sector under pressure | Sector under pressure |
| There had been growing speculation in recent months that Sir Michael was keen to sell his share in the business. | There had been growing speculation in recent months that Sir Michael was keen to sell his share in the business. |
| Lufthansa is Germany's largest airline | Lufthansa is Germany's largest airline |
| Last month, BMI declined to comment on reports that it had been approached by Abu Dhabi carrier Etihad over a possible merger. | Last month, BMI declined to comment on reports that it had been approached by Abu Dhabi carrier Etihad over a possible merger. |
| Like almost all airlines, BMI has seen its profits hit this year by the big rises in the price of aviation fuel in the first half of the year. | Like almost all airlines, BMI has seen its profits hit this year by the big rises in the price of aviation fuel in the first half of the year. |
| This has led to a number of carriers seeking closer ties with rivals, such as British Airways' plans for a tie-up with American Airlines. | This has led to a number of carriers seeking closer ties with rivals, such as British Airways' plans for a tie-up with American Airlines. |
| Other airlines have had to cease operations, including Zoom, XL and Sterling. | Other airlines have had to cease operations, including Zoom, XL and Sterling. |
| LUFTHANSA 83.1 million passengers last yearFlies to 209 destinations276 planes | LUFTHANSA 83.1 million passengers last yearFlies to 209 destinations276 planes |
| Analysts said Lufthansa's relative financial strength, combined with the current troubles in the airline industry, meant it had been able to go on something of a bargain-hunting spending spree. | Analysts said Lufthansa's relative financial strength, combined with the current troubles in the airline industry, meant it had been able to go on something of a bargain-hunting spending spree. |
| Earlier this year, Lufthansa had bought a 45% stake in Brussels Airlines. | Earlier this year, Lufthansa had bought a 45% stake in Brussels Airlines. |
| BMI 10.6 million passengers last yearFlies to 51 destinations54 planes | |
| The BMI announcement came as Lufthansa announced a 75% fall in net profit for the July to September period, which it blamed on higher fuel costs. | The BMI announcement came as Lufthansa announced a 75% fall in net profit for the July to September period, which it blamed on higher fuel costs. |
| However, aviation fuel is now falling in price as it trails the recent sharp declines in crude oil costs. | However, aviation fuel is now falling in price as it trails the recent sharp declines in crude oil costs. |
| BMI's two main hubs are Heathrow and Manchester, but it also operates from 13 other UK airports. | BMI's two main hubs are Heathrow and Manchester, but it also operates from 13 other UK airports. |