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Wow, this is amazing. Lufthansa is trying to expand itself, and that’s again acquisition by stake.
Here is the press release
The German carrier (DE:823212: news, chart, profile) is buying 42 million newly issued common shares of JetBlue in a private placement for $7.27 a share, or a total of about $300 million. The purchase price represents a roughly 16% premium to Wednesday’s closing price of $6.25. Lufthansa will get a seat on JetBlue’s board and own 19% of JetBlue’s equity after the share issuance.
Under U.S. law, a domestic airline can have no more than 25% of its voting stock owned by non-U.S. citizens.
The carriers anticipate the transaction will close in the first quarter of 2008. They say it represents the first significant investment by a European air carrier in a U.S. point-to-point air carrier.
“Now with a stronger balance sheet and financial flexibility we are well positioned to successfully meet our industry’s challenges, shareholder expectations and continue to be a leader in the markets that we serve,” JetBlue Chief Executive Dave Barger said.
In a call with brokerage analysts, Barger stressed that the deal “was simply a financial transaction” that came about after Lufthansa approached JetBlue management this summer. But he added: “We will see where that can lead to exploring other opportunities.”
Wall Street has been hungry to see airline mergers as operating conditions for the industry have worsened, hammering stock prices. Oil prices have jumped past $92 a barrel, up more than 50% from the start of the year, prompting airlines including Southwest Airlines Co.
Against this background, JetBlue has reshuffled top management and tried to win back customer loyalty threatened by multihour delays last winter and new competition from Virgin America. Earlier Thursday its shares hit a new annual low.
Under the terms of the deal, a Lufthansa nominee will be appointed to JetBlue’s board. The nominee will come up for election at JetBlue’s annual meeting next year.
In a joint statement, the carriers said that they also are looking forward to exploring “potential opportunities for further cooperation,” but had yet to agree on any specific areas to join forces.
“Our investment reflects the confidence we have in JetBlue’s quality, growth potential and management team,” said Lufthansa Group Chairman and Chief Executive Wolfgang Mayrhuber.
JetBlue needs regulatory but not shareholder approval for the deal.
The Forest Hills, N.Y.-based carrier’s shares jumped as high as $8.83 earlier in the session, helping the airline sector reverse earlier losses, after the New York Times reported on its Web site that was in talks to buy a roughly 20% stake of JetBlue. The Amex Airline Index (.XAL:
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$300 million for the stake is definitely worth it. Why not let your money work for you.
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One of the easiest way to make money in the market is obviously, buying and selling. Buying and selling has become the root concepts of business mainly because it is simple, and can be turned over for large amount of profits.
The fundamentals of buying and selling are : buy cheaper, sell higher. Sure, that’s true, but are you ready to buy and sell what you look for in the market? The market consists of various products, so you should always buying that retains its value, such as precious metals, and other valuable items.
Buying technology is good only within a limited time. Technology overtime degrades, and therefore, has no real value after a new product of the same properties comes out.
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