The title given to this article is incorrect due to technical limitations. The correct title is dba.
dba is a low-cost Germany-based airline, known as Deutsche BA -- a British Airways (BA) subsidiary -- until its sale in 2003.
The airline formed in 1992 as a partnership between BA and three German banks. By the time BA sold it in June 2003 it had become Germany's second largest domestic airline.
Rod Eddington replaced Bob Ayling as British Airways Chief Executive in May 2000, starting major reviews of the airline's operations. First indications of a BA review of its German arm came in 2001 at which time Deutsche BA had amassed losses of over £15m. On May 3, 2002easyJet announced that it intended to pursue a purchase of former BA subsidiary Go. easyjet followed with an announcement on May 8, 2002 that it had signed an exclusive agreement with British Airways giving it the option to purchase Deutsche BA. easyJet had until March 312003, or with an extension until July 3 2003, to purchase the airline. During this time Deutsche BA would remain fully under BA control. However, easyJet had several commitments:
Send three managers to the German operation
Contribute £3m for capital expenditure
Pay BA £366,000 per month until it exercised its option
In March 2003 easyJet announced it had abandoned its plans to acquire Deutsche BA, citing the economic climate and employment laws in Germany.
In June 2003 BA announced plans to sell Deutsche BA to Intro Verwaltungsgesellschaft for a token sum of 1 Euro. In addition BA would invest £25m into the airline and guarantee its fleet of 16 Boeing 737s for a year. In return BA would receive 25% of any profits or proceeds from a sale until June 2006.
BA arrived in the Soviet Union in 1957 and, like other foreign airlines in post-Soviet Russia, began to attract the cream of the passenger crop — business travelers — who drove foreign cars and flew foreign airlines.
BA does not disclose its earnings in Russia, but Burkard said its Russian division is not back to the pre-crisis levels yet.
BA is looking for growth by turning more to the Russian customer and is planning to introduce Russian cabin crews on flights this year.
Since Deutsche Börse made its bid, now worth about €8.3 billion, or $10.5 billion, Euronext has protested that a deal would require moving too many operations to Frankfurt, thereby robbing Paris of the chance to boast that it was a European financial hub.
Proposals by Deutsche Börse to use German technology to run derivatives trading in London would mean "severe potential implications for the London market and potential costly changes for users," the Euronext spokesman said.
Managers at Deutsche Börse insisted that the tide still was moving in their favor as a result of recent efforts led by their executives, who have met with bankers in France and with Euronext shareholders.
Feeds |
Contact