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| BMI sold by Lufthansa to British Airways owner IAG | BMI sold by Lufthansa to British Airways owner IAG |
| (about 1 hour later) | |
| Lufthansa has said it is selling British Midland (BMI) to International Consolidated Airlines Group (IAG), which owns British Airways and Iberia. | Lufthansa has said it is selling British Midland (BMI) to International Consolidated Airlines Group (IAG), which owns British Airways and Iberia. |
| No details have yet been given of how much will be paid for the loss-making carrier. | No details have yet been given of how much will be paid for the loss-making carrier. |
| The airlines said they hoped to sign a purchase agreement "in the coming weeks" and complete the deal before April 2012. | The airlines said they hoped to sign a purchase agreement "in the coming weeks" and complete the deal before April 2012. |
| The sale still has to be cleared by regulators. | The sale still has to be cleared by regulators. |
| BMI, which is based in Castle Donington in Leicestershire, operates flights to Europe, the Middle East and Africa. | |
| The key issue for regulators will be the extra take-off and landing slots at Heathrow Airport that BMI owns. | The key issue for regulators will be the extra take-off and landing slots at Heathrow Airport that BMI owns. |
| The acquisition would mean that IAG would have more than half of the landing slots at the UK's busiest airport. | The acquisition would mean that IAG would have more than half of the landing slots at the UK's busiest airport. |
| Virgin Atlantic, which said it had also made a bid for BMI, is likely to strongly oppose the deal. | Virgin Atlantic, which said it had also made a bid for BMI, is likely to strongly oppose the deal. |
| "British Airways' hold over Heathrow is already too dominant and we are very concerned - as the competition authorities should also be - that BA's purchase of BMI would be disastrous for consumer choice and competition," Virgin Atlantic said. | "British Airways' hold over Heathrow is already too dominant and we are very concerned - as the competition authorities should also be - that BA's purchase of BMI would be disastrous for consumer choice and competition," Virgin Atlantic said. |
| Lufthansa bought the 50% of BMI owned by its then chairman Sir Michael Bishop in 2008, taking its holding to 80%. |