Published: Fri, October 13, 2017
Economy | By Shawn Conner

Ryanair to challenge Lufthansa's Air Berlin deal

Ryanair to challenge Lufthansa's Air Berlin deal

Executives from Germany's largest airline announced Thursday they plan to sign an agreement to buy a large portion of the bankrupt carrier Air Berlin.

As part of the deal Lufthansa will take over Air Berlin's low-priced leisure airline Niki, its LG Walter regional airline as well as 20 additional aircraft - bringing the total to around 80 planes.

Spohr told the Rheinische Post (link in German) on Wednesday that that the group had earmarked €1.5 billion ($1.78bn) for takeover-related costs, such as taking on Air Berlin employees.

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A Lufthansa spokesman declined to provide further details because the agreement had not yet been signed.

Air Berlin filed for bankruptcy in August after its main investor Etihad Airways pulled out.

The budget Irish airline said it would take the €210m deal to European competition authorities. He said he decided not to submit a bid as it was a "conspiracy" between the German government, Lufthansa, and Air Berlin that would drive up prices for customers.

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Lufthansa has agreed to buy Air Berlin's Austrian leisure travel airline Niki, its LG Walter regional airline and 20 additional aircraft.

Last month it said negotiations it was holding with Lufthansa as well as easyJet, based in Britain, would continue until October 12.

Germany's second-largest carrier has since been negotiating with potential buyers for parts of its business.

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Air Berlin, which accumulated debt for nearly a decade, reported a record loss of €782m (£713m) for past year.

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