Germany extends Air Berlin/Condor review

[Pieter C. 5]

Germany Extends Air Berlin/Condor Review

 

May 21, 2008

The German cartel office has again extended the deadline for its review of Air Berlin's plans to buy a stake in discount airline Condor from Thomas Cook, a source familiar with the matter said on Wednesday.

 

The source said the review had been extended to August 11.

 

Air Berlin announced in September plans to buy Condor in a two-stage deal giving Thomas Cook, Europe's second-biggest tourism group, a near 30 percent stake in Air Berlin.

 

Thomas Cook is supposed to sell Condor to Air Berlin in two stages: 75.1 percent in February 2009 and the rest in February 2010 after Thomas Cook exercises an option to buy Lufthansa's stake.

 

Buying all of Condor will cost Air Berlin up to EUR600 million euros (USD$945.7 million).

 

(Reuters)