lorddee
4th Mar 2004, 22:39
Just been on news .......................
The main shareholders in no-frills carrier Virgin Express and Belgium's SN Brussels Airlines are in merger talks, but there has been no substantive progress in the discussions, Virgin said Thursday.
David Hoare, chairman of Virgin Express Holdings -- part of British tycoon Richard Branson's Virgin group -- said that if successful the merger would result in Branson holding the most shares.
Virgin Express Holdings has been discussing the merger with SN Airholding, the main shareholder in SN Brussels Airlines, which emerged from the collapse of Belgian flag carrier Sabena in 2001, since last September, he said.
"These talks are not about a take-over of either company," he said, denying a Belgian media report to that effect.
"In the event that the current talks lead to a merger, Sir Richard Branson will be by far the largest ultimate shareholder in the new company," Hoare said in a statement.
"There has been no significant change in the situation" since last September when Hoare said that he would "inform the market as soon as there is substantive news," he added.
Virgin Express, which flies to 16 destinations across Europe from the privately-owned Brussels-National airport at Zaventem, was a key force in condemning illegal subsidies received by cut-price carrier Ryanair, which flies out of Charleroi airport south of the Belgian capital.
The European Commission last month found Ryanair guilty of receiving millions of euros in illegal state aid in a high-profile ruling that the Irish airline warned spelt "disaster" for low-cost air travel in Europe.
The main shareholders in no-frills carrier Virgin Express and Belgium's SN Brussels Airlines are in merger talks, but there has been no substantive progress in the discussions, Virgin said Thursday.
David Hoare, chairman of Virgin Express Holdings -- part of British tycoon Richard Branson's Virgin group -- said that if successful the merger would result in Branson holding the most shares.
Virgin Express Holdings has been discussing the merger with SN Airholding, the main shareholder in SN Brussels Airlines, which emerged from the collapse of Belgian flag carrier Sabena in 2001, since last September, he said.
"These talks are not about a take-over of either company," he said, denying a Belgian media report to that effect.
"In the event that the current talks lead to a merger, Sir Richard Branson will be by far the largest ultimate shareholder in the new company," Hoare said in a statement.
"There has been no significant change in the situation" since last September when Hoare said that he would "inform the market as soon as there is substantive news," he added.
Virgin Express, which flies to 16 destinations across Europe from the privately-owned Brussels-National airport at Zaventem, was a key force in condemning illegal subsidies received by cut-price carrier Ryanair, which flies out of Charleroi airport south of the Belgian capital.
The European Commission last month found Ryanair guilty of receiving millions of euros in illegal state aid in a high-profile ruling that the Irish airline warned spelt "disaster" for low-cost air travel in Europe.