Lufthansa Buys Chunk Of JetBlue

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Lufthansa Buys Chunk Of JetBlue

Saturday, 12 January 2008

German-based airline Lufthansa recently announced intentions to buy one-fifth of the struggling discount carrier JetBlue for $300 million. The cash injection will help JetBlue offset losses that have plagued the airline since 2003.

JetBlue CEO Dave Barger has said that JetBlue customers won’t be seeing any substantial changes in service, noting that “We view this as strictly a financial transaction.” The investment will allow JetBlue to afford increasing fuel costs and operating expenses.

For Lufthansa, the purchase is an opportunity to take advantage of the strength of the euro against the sagging U.S. dollar, and could eventually lead to a partnership between JetBlue’s domestic customers and Lufthansa’s European passengers. With the strong Euro, this is probably not the last buy of a U.S. travel company by a stronger European counterpart. In an interview with USA Today securities analyst Ray Neidl said, “I wouldn't say JetBlue absolutely needs that extra cash, but with the potential for $100-a-barrel oil out there, it's nice to have.”

You can read more at http://www.usatoday.com/travel/flights/2007-12-13-lufthansa-jetblue_N.htm .

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