Lufthansa is looking to purchase the German holiday carrier Condor and has placed a non-binding offer for acquiring the airline as well as possibly the remaining Thomas Cook carriers in Europe that totals 100 aircraft.
At the moment, the non-binding offer only concerns Condor and not the other carriers. Thomas Cook Group wants to sell the airline sector of the company to focus on the hotel business.
German business magazine Wirtschaftswoche (access here – in German) wrote about it yesterday.
The article mentions that Lufthansa CEO Carsten Spohr would be interested in more than just Condor, but expects regulatory issues and that it’s unlikely one single buyer could end up with the entire Thomas Cook airline portfolio.
British Airways mother company IAG, as well as U.S. invester INDIGO, are also interested in the carriers which have a combined fleet of 100 aircraft.
58 of these aircraft as well as a staff of 4,500 belong to Condor, making up the largest slice of the cake.
Spohr wouldn’t make any statement about the price offered for Condor. In the interview, he also discussed previous talks about a takeover of Alitalia, however there are giant issues including the liabilities of the carrier and a required restructuring that would include the Italian state having no more interest in the carrier. An unlikely prospect at this point.
At least Lufthansa is familiar with Condor, having been involved with the carrier in the past and at this time even being a Miles&More partner.
The airline offers more or less bare bones service to holiday destinations and also has many long haul routes in the portfolio. Flights include Economy, Premium Economy and Business Class however the Business seats aren’t exactly luxury with their 10 year old slope standard. Condor is currently a partner with Lufthansa Miles & More as well as Alaska Airlines Mileage Plan.