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Branson Seeks Virgin Atlantic Partner as He Stays ‘Major’ Holder
By Ryan Flinn and Mary Jane Credeur - Apr 6, 2011
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 to compete with British Airways.
“It makes sense for Virgin Atlantic to have a partner as well,” the U.K. billionaire 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, 60, is studying the sale of his 51 percent stake after hiring Deutsche Bank AG to assess options, a person familiar with the matter has said. Virgin Atlantic isn’t in an airline alliance, while British Airways, a rival at London’s Heathrow airport, belongs to the Oneworld group.
Asked whether Crawley, England-based 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.
Singapore Airlines Ltd. (SIA) owns 49 percent 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.
Branson Seeks Virgin Atlantic Partner as He Stays ‘Major’ Holder
By Ryan Flinn and Mary Jane Credeur - Apr 6, 2011
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 to compete with British Airways.
“It makes sense for Virgin Atlantic to have a partner as well,” the U.K. billionaire 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, 60, is studying the sale of his 51 percent stake after hiring Deutsche Bank AG to assess options, a person familiar with the matter has said. Virgin Atlantic isn’t in an airline alliance, while British Airways, a rival at London’s Heathrow airport, belongs to the Oneworld group.
Asked whether Crawley, England-based 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.
Singapore Airlines Ltd. (SIA) owns 49 percent 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.