TUI, Air Berlin and Lufthansa higher, Blue Wings to be wound up - SHARE WRAP
Shares in TUI AG rose again yesterday (by 8.8%), as Reuters reported the company plans to swap debt for parts of its 51%-owned TUI Travel business. TUI AG reportedly plans to acquire TUI Travel's central European operations in return for a cancellation of some of the debt owed to it by TUI Travel.
Staying in Germany, Air Berlin shares were 5.5% higher as Russian billionaire, Alexander Lebedev, stated Dusseldorf-based Blue Wings would "probably file for bankruptcy" after Germany's aviation authority, LBA, announced on 31-Mar-09 that it had terminated Blue Wings' license. Air Berlin however faces the prospect of pilot strike. Yesterday, over 80% of its unionised pilots represented by the Vereinigung Cockpit union voted in favor of a walkout as they push for higher pay rates.
Lufthansa's shares rose 1.8%, while take-over target Austrian Airlines eased 0.8%.
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European selected airlines daily share price movements (% change): 16-Apr-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance