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Etihad and Air Berlin form an alliance

27 December 2011

Etihad Airways of Abu Dhabi and Air Berlin, Germany’s second-largest airline, announced a strategic partnership Monday that will see Etihad become Air Berlin‘s largest shareholder and gain access to new European routes as it seeks to keep pace with its larger Gulf-based rival, Emirates.

Under the terms of the agreement, Etihad will increase an existing 3 percent stake in Air Berlin to just over 29 percent through the purchase €73 million, or $95 million, in new shares while providing up to $255 million in loans to finance new jet purchases.

source: NY

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