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Virgin Express & SN Brussels Merger Talks Resume
Information source:
http://quote.bloomberg.com/apps/news...JB5R0&refer=uk Virgin Group Ltd. is in talks with an investment bank about a merger between Virgin Express and SN Brussels Airlines 18 months after a planned tie-up between the two Belgian carriers failed. ``Informal discussions are at a very early stage,'' Virgin Express, which is majority owned by U.K. businessman Richard Branson's Virgin Group, said in a statement from Brussels. The bank ``recently'' approached Virgin Group and SN Air Holding, the parent company of SN Brussels Airlines, to propose a merger between the two units, according to Virgin Express. ``The door remains open, but everything will depend on the proposal,'' said Yves Panneels, a Virgin Express spokesman. Earlier this month, Virgin Express reported a 96 percent drop in second-quarter profit to 117,000 euros ($132,000) because of fare cuts meant to lure customers that had been deterred from flying by the weakness of the economy and the threat of terrorism. ``We are working in a difficult environment, but we are cutting costs and have a strong customer base,'' said Panneels. ``We are not actively seeking to merge.'' SN Brussels Airlines posted a second-quarter profit of 2.9 million euros, the company's first profit since being set up as the successor to bankrupt Sabena SA in January 2002. Virgin Express said various intermediaries had proposed a renewed effort to merge with SN Brussels Airlines since the earlier attempt failed in February 2002. ``Since the merger talks ended last year, we have been contacted by several financial organizations, including banks and consulting groups, about a merger with SN Brussels Airlines,'' he said. ``There has been no serious proposal put on the table.'' Yesterday, De Financieel-Economische Tijd reported that Virgin Express was seeking to resume talks on a possible partnership with SN Brussels Airlines, citing somebody the Belgian newspaper called a well-informed person who asked for anonymity. --- Travel photography is not just about documenting what you see while travelling. Pictures can capture the sense of adventure while in your own city or another country. Visit Travel-mania and share your travel photos at http://www.travel-mania.net/gallery |
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