25-Jan-2012 10:10 AM

Air Berlin and Etihad partnership approved by German and Austrian authorities

Air Berlin announced (24-Jan-2012) its strategic partnership with Etihad Airways was approved by German and Austrian authorities, allowing the carrier to finalise the agreement entered into on 19-Dec-2011. Following the approval, Air Berlin stated the Government of Abu Dhabi's voting rights in the carrier, held through Etihad Airways, increased to 29.21%. Etihad Airways, 100% owned by the Government, now holds 34.1 million shares in Air Berlin following the issues of 31.6 million new shares at a set price of EUR 2.31 per share. The issue raised EUR72.9 million for the German carrier following the investment agreement of 19-Dec-2011. [more - original PR I] [more - original PR II] [more - original PR - III]

airberlin"I am confident that this is the beginning of a very successful collaboration which will benefit our customers and our company. It opens up unique possibilities for joint future market development and provides the prerequisite for increased synergy and cost optimisation,” CEO Hartmut Mehdorn. Source: Company statement, 24-Jan-2012.

Eithad Airways: “We are delighted that all the regulatory approvals have been concluded successfully and we can now move forward with plans to create an outstanding offering for passengers on our combined network. The partnership between Etihad Airways and airberlin will have a positive market impact, stimulating competition and ultimately benefiting passengers across the globe. It is a significant milestone in our history and the first step in what will be a very positive association over the coming years,” CEO James Hogan. Source: Company statement, 24-Jan-2012.

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