Virgin Atlantic Airways
December 25, 2011 by staff
Virgin Atlantic Airways, International Consolidated Airlines Group SA on Thursday beat rival Virgin Atlantic Airways in the bidding battle for Deutsche Lufthansa AG’s unprofitable airline British Midland International, or BMI, helping to secure the group’s future growth at London’s congested Heathrow airport.
IAG, which owns British Airways and Iberia, said it had agreed to buy BMI for £172.5 million ($270 million) in cash, dealing a blow to Virgin Atlantic, which had said it was still in the running for BMI even after IAG and Lufthansa reached a preliminary agreement in November.
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