British Airways owner IAG
Lufthansa has the option of selling the airline's 'bmi regional' and 'bmibaby' units before the deal completes, and IAG will pay a significantly lower price if those businesses are offloaded, IAG said Thursday, unveiling details of a deal agreed in principle in November.
Given the scale of bmi's losses, there is an urgent need to restructure the business, IAG chief executive Willie Walsh said in a statement.
Unfortunately this will mean some job losses but we will secure a significant number of high quality jobs here in the UK.
IAG shares closed at 145.1 pence Wednesday, valuing the business at about 2.7 billion pounds.
(Reporting by Myles Neligan; Editing by Sudip Kar-Gupta)