SIR RICHARD BRANSON SAID HE INTENDS TO REMAIN A “MAJOR SHAREHOLDER” IN HIS VIRGIN ATLANTIC AIRWAYS LTD. AS HIS BANKERS REVIEW THE AIRLINE’S FUTURE AND HE SEEKS A PARTNER

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP April 8, 2011 19:15

SIR RICHARD BRANSON SAID HE INTENDS TO REMAIN A “MAJOR SHAREHOLDER” IN HIS VIRGIN ATLANTIC AIRWAYS LTD. AS HIS BANKERS REVIEW THE AIRLINE’S FUTURE AND HE SEEKS A PARTNER

“It makes sense for Virgin Atlantic to have a partner,” Sir Richard Branson said yesterday in an interview in San Francisco. “I will certainly still be extremely involved in the airline, whatever we decide to do, and I will still be a major shareholder. We are in discussions with various people and will see what comes out of it.”

Branson has been trying to sell his 51% stake after hiring Deutsche Bank AG to assess options. Asked whether Virgin Atlantic has received any offers, Branson said: “We have received offers, but it’s too soon to say more.” He wouldn’t say what the offers were for or provide any other details. Asked whether he will retain his 51% share or consider selling some of it, Branson said: “It’s too soon to say, but I will certainly still play a major role, whatever happens.”

“We’ve said we would like to bring in an alliance partner to combat the fact that British Airways is tied up with American Airlines,” Branson said in the interview, “Those discussions are going on. I think we will be able to announce within a few months an alliance partner.” Singapore Airlines Ltd. (SIA) owns 49% of Virgin Atlantic. It belongs to the Star Alliance, which includes United Continental Holdings Inc. (UAL) and Deutsche Lufthansa AG. (LHA) Singapore Airlines said last month that it hadn’t made a decision about any “immediate divestment” of its stake.
Bankers’ Review.

Virgin Atlantic confirmed Deutsche Bank’s review in December and said then it had gotten a “number of lines of enquiry.” That study includes a sale of Branson’s stake. We have reported that Qatar and Delta among others has expressed an interest.

Meanwhile………..Virgin Atlantic Airways, has for the first time in its history deployed a twin engine jet to serve on its transatlantic routes, using an A330-300 aircraft. The inaugural passenger flight between Manchester and Orlando, USA, is part of Virgin Atlantic’s commitment to invest in today’s greenest aircraft and to strengthen services from the UK to the US East Coast, East and West Africa, the Middle East and India. The aircraft is the first to be delivered from the ten A330-300s ordered in December 2009.

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP April 8, 2011 19:15
Write a comment

No Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Only <a href="http://www.aviationnews-online.com/wp-login.php?redirect_to=http%3A%2F%2Fwww.aviationnews-online.com%2Fairline%2Fsir-richard-branson-said-he-intends-to-remain-a-%25e2%2580%259cmajor-shareholder%25e2%2580%259d-in-his-virgin-atlantic-airways-ltd-as-his-bankers-review-the-airline%25e2%2580%2599s-future-and-he-seeks-a-partner%2F"> registered </a> users can comment.