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|bmi deal completed|
RNS Number : 7374B
International Cons Airlines Group
20 April 2012
BMI DEAL COMPLETED
International Airlines Group (IAG) has completed the purchase of bmi from Lufthansa.
It is planned that bmi mainline will be integrated into British Airways and consultation has begun already with bmi mainline staff and their trade unions.
bmibaby and bmi regional have not been sold prior to completion. Under the terms of the purchase agreement, IAG will also acquire these businesses and receive a significant price reduction.
As previously stated, bmibaby and bmi regional are not part of IAG's long term plans and will not be integrated into British Airways. IAG will pursue options to exit these businesses and more details will be provided in due course. The costs associated with exiting these businesses, including the impact of operating them in the short term, are expected to be offset by the price reduction.
IAG will update investors about the bmi integration plan at its Q1 results on May 11, 2012.
April 20, 2012 IAG/03/12
Certain information included in these statements is forward-looking and involves risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements.
Forward-looking statements include, without limitation, projections relating to results of operations and financial conditions and the Company's plans and objectives for future operations, including, without limitation, discussions of the Company's Business Plan, expected future revenues, financing plans and expected expenditures and divestments. All forward-looking statements in this report are based upon information known to the Company on the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
It is not reasonably possible to itemise all of the many factors and specific events that could cause the Company's forward-looking statements to be incorrect or that could otherwise have a material adverse effect on the future operations or results of an airline operating in the global economy. Further information on the primary risks of the business and the risk management process of the group is given in the Annual Report and Accounts 2011; this document is available on www.iagshares.com.
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