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Etihad raises Air Berlin stake to 30 per cent

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  • Etihad raises Air Berlin stake to 30 per cent

    FRANKFURT: Etihad Airways threw a lifeline to ailing Air Berlin and gained access to more European routes by raising its stake in the German airline to 30 per cent and lending it $255 million.The Abu Dhabi-based airline will buy new shares in Air Berlin, Germany's second-biggest carrier after Lufthansa, for about 73m euros ($95m), raising its stake to 29.21pc from just below 3pc, Air Berlin said yesterday. It will buy 31.5m new shares at Friday's closing price of 2.31 euros."This is good news for Air Berlin shareholders because Etihad Airways is a strong anchor investor and the capital increase will improve the low equity ratio," DZ Bank analyst Robert Czerwensky said.The deal includes a codeshare agreement giving Etihad access to Air Berlin's dense European short-haul route network, and to the German capital ahead of rival Emirates, which has lobbied for years to be allowed to fly to Berlin.

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