|
|
Article: Branson backs off from Air Liberte bid
- Article from:
- The Independent (London, England)
- Article date:
- December 10, 1996
CopyrightCopyright 1996 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
|
Virgin Express, the regional airline owned by Richard Branson,
has decided against making a bid for the troubled Air Liberte. The
decision clears the way for British Airways to buy the ailing
French carrier.
"We do not have the kind of willingness to lose as much money as
I think whoever buys this company will lose. We just decided to
back off and see what other opportunities would arise from time to
time in France," said Jonathan Ornstein, chief executive of Virgin
Express.
BA, in partnership with Banque Rivaud of France, has been the
leading contender in the race to acquire Air Liberte since
announcing in October it planned to give Air Liberte a FFr630m
(pounds 73m) capital injection.
Mr ...