Amadeus announced its planned listing on the Madrid Stock Exchange will be launched on 29-Apr-2010, priced between EUR9.20 and EUR12.20 per share (Market Pulse, 14-Apr-2010). The company is seeking to raise EUR910 million through the sale of 85 million shares to reduce debt. The offer is valued at between EUR4.3 billion and EUR5.4 billion. A secondary offering of 35.3 million shares will be sold by Amadelux Investments and airline shareholders, Lufthansa and Air France, which could raise up to EUR430.3 million. Amadeus management will offer an additional 1.69 million shares. The total offering would reportedly cover 25% of the capital of Amadeus, of which 10% would come from a new share issue and 15% through the sale of existing shares. Amadeus is controlled by BC Partners and Cinven with a combined 53%, while Air France has 23.14%, and Iberia and Lufthansa each hold 11.6% stakes. Amadeus, with revenues of EUR2.46 billion in 2009, was delisted four years ago when BC Partners and Cinven acquired their stake from the three airlines. Iberia reportedly stated it has no plans to sell its stake in Amadeus under the planned relisting.
Amadeus' listing to be launched on 29-Apr-2010
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Greater cooperation between Lufthansa and Etihad reflects their local and global challenges growing in quantity and complexity. Contact between the two has led to speculation that the partnership could radically expand to include an equity tie up, with rumoured merger talks.
Their initial Dec-2016 codeshare announcement was, in practical terms, small but showed the possibility, as they stated, to expand cooperation. However, it would be a leap to go from their handful of codeshares to a 17-Jan-2017 article from Italian daily newspaper Il Messaggero that Etihad could invest in Lufthansa on the way to a possible merger between the two. A subsequent denial in a Reuters story that "A financial stake is out of the question at the moment", does little to dispel the rumour. Were it not for the last three words of that statement the rumour would lack credibility.
There is certainly logic for a deeper partnership - and the two have danced this waltz before. Equity involvement from airlines can cement partnerships, add to board influence and partially allow one side to gain financially from any matter it feels it is compromising away. Nevertheless, there are obstacles to a full blown merger, and even to Etihad's taking a 30% to 40% stake. A marriage between the new bedfellows does not seem an immediate prospect. Nonetheless the logic is there for a move; and the mere fact of a potential move is sufficient to rock the equilibrium.
Ryanair's 117million pax in 2016 tops European airline groups. The first time an LCC topped rankings
For the first time ever in Europe, in 2016 a low cost airline carried more passengers than any other airline or airline group, as Ryanair's 117 million passengers pushed Lufthansa Group's 110 million into second place. Ryanair had beaten Lufthansa itself, but not the whole Lufthansa Group. IAG's first full year of including Aer Lingus helped it to take third place from Air France-KLM. Europe's number two LCC, easyJet, was ranked fifth.
The big five can be expanded into a big seven to include Turkish Airlines and the Aeroflot Group, although these two had contrasting growth rates in 2016. A chasing pack of middle sized airline groups includes three LCCs (Norwegian, Pegasus and Wizz Air) and three legacy airlines with varying challenges to establishing sustainable profitability (SAS, Air Berlin Group and Alitalia).
Most of the faster growing airline groups in the top 20 are LCCs and the main growth drivers for Europe's big three legacy groups are their LCC subsidiaries. Just outside the top 20 are some fast growing legacy airlines in Eastern Europe, demonstrating the potential there. Nevertheless, unless there is a big merger or acquisition, Ryanair looks set to remain at number one for some time.