Air Berlin still counting on Condor
Air Berlin remains determined to acquire a 75 per cent stake in Condor in February next year and the remaining 25 per cent in the following year. The company denied a report in "Manager Magazin" maintaining that Air Berlin was intent on provoking the Federal Cartel Office into rejecting the application currently under scrutiny by its "lack of co-operation". - Our experts are constantly in touch with the Cartel Office and are working flat out to answer their list of questions," commented Joachim Hunold, Air Berlin’s CEO. Any rejection of the takeover bid will not be taken lying down.
The Air Berlin- boss also rejected the magazine’s allegation that Air Berlin could no longer afford to buy Condor, on account of the drop in share values. Hunold stated that "the figures quoted in the report are wrong.
- At the current share price - which can improve by February 2009, after all – the 29.9 per cent of shares in Air Berlin, the maximum stake that Thomas Cook wants to purchase, is not worth 130, but around 200 million euros. The difference between this and the purchase price of 500 million euros is also reduced by Condor’s cash assets on the date of takeover. When the contract was signed that amounted to 440 million euros, leaving a net payment of 60 million euros."
Hunold dismissed the magazine’s allegation that it had appointed head hunters to find a successor for the company’s Chief Financial Officer, Ulf Hüttmeyer, as a "malicious rumour".
- Neither the supervisory board nor the board of directors has given such instructions. Ulf Hüttmeyer enjoys the board’s full confidence."
Boarding.no
DaV
Air Berlin remains determined to acquire a 75 per cent stake in Condor in February next year and the remaining 25 per cent in the following year. The company denied a report in "Manager Magazin" maintaining that Air Berlin was intent on provoking the Federal Cartel Office into rejecting the application currently under scrutiny by its "lack of co-operation". - Our experts are constantly in touch with the Cartel Office and are working flat out to answer their list of questions," commented Joachim Hunold, Air Berlin’s CEO. Any rejection of the takeover bid will not be taken lying down.
The Air Berlin- boss also rejected the magazine’s allegation that Air Berlin could no longer afford to buy Condor, on account of the drop in share values. Hunold stated that "the figures quoted in the report are wrong.
- At the current share price - which can improve by February 2009, after all – the 29.9 per cent of shares in Air Berlin, the maximum stake that Thomas Cook wants to purchase, is not worth 130, but around 200 million euros. The difference between this and the purchase price of 500 million euros is also reduced by Condor’s cash assets on the date of takeover. When the contract was signed that amounted to 440 million euros, leaving a net payment of 60 million euros."
Hunold dismissed the magazine’s allegation that it had appointed head hunters to find a successor for the company’s Chief Financial Officer, Ulf Hüttmeyer, as a "malicious rumour".
- Neither the supervisory board nor the board of directors has given such instructions. Ulf Hüttmeyer enjoys the board’s full confidence."
Boarding.no
DaV