Reuters: Financial Services and Real Estate: UPDATE 1-IAG to win EU approval to buy bmi airline - source

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UPDATE 1-IAG to win EU approval to buy bmi airline - source Mar 29th 2012, 09:13 Thu Mar 29, 2012 5:13am EDT * IAG offers to give up additional airport slots * EU decision due by March 30 * EU Commission, IAG, Lufthansa declined to comment By Foo Yun Chee BRUSSELS, March 29 (Reuters) - British Airways owner IAG is set to win EU regulatory approval to acquire German group Lufthansa's British unit bmi after offering to give up additional airport slots, a person familiar with the matter said on Thursday. IAG had initially proposed to cede 10 slots for domestic and non-domestic routes. But it increased the number to 14 after rivals and other parties told the European Commission the concessions were not sufficient. It was not clear at which airports the 14 slots are located. Antoine Colombani, a spokesman for the competition unit at the Commission, declined to comment on the case. Both IAG and Lufthansa also declined to comment. The European Union executive was due to decide by Friday on the deal, which is worth 172.5 million pounds ($273 million). IAG trumped rival bidder Virgin late last year in the race to acquire loss-making bmi, which has coveted slots at London's Heathrow airport, Europe's busiest. IAG currently has a 43.1 percent share of the take-off and landing slots at Heathrow. Together, IAG and bmi have a combined share of 53 percent of the airport's slots. Virgin has urged EU regulators to block the deal, saying it would harm competition and push up prices. Link this Share this Digg this Email Reprints

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