BMI Virgin merger talks shelved
Sir Michael Bishop confirms there are no current discussions between carriers
The chairman of BMI, Sir Michael Bishop, appears to have ruled out any imminent merger with Virgin Atlantic.
In an interview with the Financial Times, he said there were “no discussions currently taking place about a merger or about less ambitious forms of co-operation between the two airlines”, after more than eight months of communication between the carriers.
The chairman confirmed that there had been a perceived “logic” to merging the two companies, but while he admitted that the two carriers had carried out due diligence investigations on each other, detailed terms of any business deal had never been negotiated.
The newspaper continues: “It is understood that the two crucial issues of the respective valuation of the two carriers and the future corporate governance of a merged airline had not been resolved and remain, to date, insurmountable obstacles.”
He confirmed that the talks had ended, and that the two companies’ respective financial advisers were no longer in contact.
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