Richard Branson Scraps Plan to Sell Virgin Atlantic Stake to Air France-KLM

Date : 12/03/2019 @ 8:49AM
Source : Dow Jones News
Stock : Air France KLM (AF)
Quote : 4.805  -0.126 (-2.56%) @ 4:40PM
Air France KLM share price Chart

Richard Branson Scraps Plan to Sell Virgin Atlantic Stake to Air France-KLM

Air France KLM (EU:AF)
Historical Stock Chart

6 Months : From Sep 2019 to Mar 2020

Click Here for more Air France KLM Charts.
   By Max Bernhard 
 

Richard Branson said he has abandoned plans to sell a stake in U.K. airline Virgin Atlantic to Air France-KLM (AF.FR).

The British billionaire said Monday in a letter to employees posted on his blog that he has reached a deal to retain a 31% stake in the airline he founded, keeping the total holding at 51%.

In 2018, Air France had signed a definitive agreement to acquire the 31% stake in Virgin Atlantic for 220 million pounds ($284.3 million). Delta Air Lines Inc. (DAL) was to retain the 49% stake it already holds as part of the deal between the three partners.

"To get the deal done, we initially thought our family would need to reduce its shareholding in Virgin Atlantic," Mr. Branson said Monday. The new agreement with the joint-venture partners is "subject to contract," he said , noting that the expanded joint venture with Delta and Air France "remains an essential part of our future and long-term success."

 

Write to Max Bernhard at max.bernhard@dowjones.com; @mxbernhard

 

(END) Dow Jones Newswires

December 03, 2019 03:34 ET (08:34 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
$
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20200330 18:01:00