GB737
July 1, 2002, 02:52 PM
German travel group Preussag and regional airline Germania plan to launch a new discount carrier in a move that will step up competition with Lufthansa Der Spiegel said on Saturday.
The magazine said Germania chief Hinrich Bischoff would hold 80 per cent stake while Preussag, soon to be renamed TUI, would hold the remaining 20 per cent in the airline which would operate five Boeing jets between Berlin and Frankfurt and Cologne.
No comment was immediately available from the airlines.
Der Spiegel said the TUI/Germania joint venture was intended to expand by 50 aircraft over the next three years and could be extended to long-haul routes.
Tickets would be sold over the Internet and through TUI's own chain of travel agencies.
The magazine said Germania chief Hinrich Bischoff would hold 80 per cent stake while Preussag, soon to be renamed TUI, would hold the remaining 20 per cent in the airline which would operate five Boeing jets between Berlin and Frankfurt and Cologne.
No comment was immediately available from the airlines.
Der Spiegel said the TUI/Germania joint venture was intended to expand by 50 aircraft over the next three years and could be extended to long-haul routes.
Tickets would be sold over the Internet and through TUI's own chain of travel agencies.