Lufthansa to sell British subsidiary to BA ownerFRANKFURT - Germany's Lufthansa on Thursday announced the sale of its British Midland Ltd. subsidiary to International Consolidated Airlines Group, which owns the rival carriers British Airways and Iberia.
The sale, which will be concluded in the first quarter of next year, was fixed at 175.2 million pounds (around 207 million euros, $270 million).
Airports as Catalyst for Economic Growth
Lufthansa said it was pleased to be rid of a loss-making subsidiary.
With the acquisition, IAG will have more than half the landing slots at Heathrow, Britain's busiest airport.
The German carrier had bought BMI, which has some 3,500 employees, in 2009.
by Claire Rosemberg
(c) 2011 AFP