US-based investor takes key stake in Air Berlin

Business Materials 4 April 2008 22:50 (UTC +04:00)

A Russian-born, US-based investor, Leonard Blawatnik, is to acquire a major stake in Air Berlin through his investment vehicle Access Industries, Germany's number-two airline confirmed Friday. ( dpa )

Air Berlin said Access would acquire 18.56 per cent of the airline, which mainly serves holiday destinations and German domestic routes, often offering low prices for no-frills service.

Just hours earlier Friday, Air Berlin had disclosed that the previous owner, Haarlem One, was selling the 18.56 per cent in question.

Haarlem One is a subsidiary of the investment group Vatas, controlled by the London-based South African investor Robert Hersov.

The stake, which Haarlem One had only acquired three months ago, is the biggest held by any one shareholder in the airline.