There is not necesseraly a contradiction in this ... SNBA is talking about the part SNBA as a whole would/should have in the new company (which seems logic to me).
Virgin is speaking about the majority individual Mr. Branson will have (which seems also logic to me).
Since SNBA has many shareholders, even if they obtain 60% of the new company would mean that Branson is by far the largest shareholder in the end since he will have > 80% of the remaining 40% ...
I think they just play a small psychological through the media ('we are the biggest ...'). Isn't it?
Danny
Merger Virgin Express (VEX) / SN Brussels Airlines (SNBA)
Moderator: Latest news team
Prochaine fusion de Virgin et SN Brussels Airlines
Une fusion entre les compagnies aériennes Virgin et SN Brussels Airlines serait sur le point d'aboutir. Le 16 mars dernier, les deux compagnies aériennes signaient une lettre d'intention en vue d'un rapprochement. Six mois après, les négociations seraient sur le point d'aboutir. La nouvelle société serait détenue à 70,1 % par les actionnaires de SNBA et à 29,9% par ceux de Virgin. Mais ces derniers pourraient revendre rapidement leurs actions à SN Air Holding.
Pour les clients, cette fusion ne devrait rien changer. Les compagnies garderaient leur nom et leurs spécificités. Un accord définitif ne serait plus qu'une question de jours. Le mariage devrait être officialisé avant la fin du mois de septembre.
http://www.rtl.be/Site/Pages/Article.as ... 53ID=62943
-----------------------------------------------------------------------------------
Agreement is ready in a few days. Merger will be official end of september, 70,1 % for the SNBA shareholders and 29,9 % for the Virgin shareholders (will probably resell shares to SN Air Holding).
Names and identity will be the same.
Une fusion entre les compagnies aériennes Virgin et SN Brussels Airlines serait sur le point d'aboutir. Le 16 mars dernier, les deux compagnies aériennes signaient une lettre d'intention en vue d'un rapprochement. Six mois après, les négociations seraient sur le point d'aboutir. La nouvelle société serait détenue à 70,1 % par les actionnaires de SNBA et à 29,9% par ceux de Virgin. Mais ces derniers pourraient revendre rapidement leurs actions à SN Air Holding.
Pour les clients, cette fusion ne devrait rien changer. Les compagnies garderaient leur nom et leurs spécificités. Un accord définitif ne serait plus qu'une question de jours. Le mariage devrait être officialisé avant la fin du mois de septembre.
http://www.rtl.be/Site/Pages/Article.as ... 53ID=62943
-----------------------------------------------------------------------------------
Agreement is ready in a few days. Merger will be official end of september, 70,1 % for the SNBA shareholders and 29,9 % for the Virgin shareholders (will probably resell shares to SN Air Holding).
Names and identity will be the same.
-
AFApresident
- Posts: 371
- Joined: 01 Jun 2004, 00:00
- Contact:
This has maybe been discussed before already but I didnt find an answer quite yet, but how is Virgin Express compatible with SN Brussels Airlines? Virgin is low cost, SN you get all the frills you can imagine (leather seats, free food, free drinks, wet towel, newspaper (unless you get as last person on board) etc etc.
So my question is .. how will these companies merge into one product. Or will the 2 remain completely different carriers who do not codeshare whatseoever yet only happen to have the same managment/stockholders?
PS: I don´t want to knitpick but the english word for 'fusie' is merger. (fusion is used in "the union of atomic nuclei to form heavier nuclei resulting in the release of enormous quantities of energy when certain light elements unite")
So my question is .. how will these companies merge into one product. Or will the 2 remain completely different carriers who do not codeshare whatseoever yet only happen to have the same managment/stockholders?
PS: I don´t want to knitpick but the english word for 'fusie' is merger. (fusion is used in "the union of atomic nuclei to form heavier nuclei resulting in the release of enormous quantities of energy when certain light elements unite")
Dear AFA,
Up till the "merger" will only affect the shareholders of both companies. Both airlines will continue to fly under their own name and with their own kind of service (TV LCC and SN service). But if I get it right, they won't compete to each other anymore i.e. VEX will operate more leisure routes and southern routes while SN will more concentrate on routes with high yield.
Greetz
Chris
Up till the "merger" will only affect the shareholders of both companies. Both airlines will continue to fly under their own name and with their own kind of service (TV LCC and SN service). But if I get it right, they won't compete to each other anymore i.e. VEX will operate more leisure routes and southern routes while SN will more concentrate on routes with high yield.
Greetz
Chris
Virgin en SNBA gaan samenwerken in 2005
(tijd) - Concurrenten Virgin Express en SN Brussels Airlines (SNBA) gaan vanaf 1 januari 2005 samenwerken. De luchtvaartmaatschappijen worden dan zusterbedrijven onder de koepel van SN Air Holding, de huidige hoofdaandeelhouder van SNBA. Virgin Express Holdings (VEX) krijgt 29,9 procent in SN Air Holding in ruil voor de inbreng van zijn volle dochter Virgin Express. Een principieel akkoord daarover werd al in maart afgesloten. Dat meldt De Tijd.
Alle betrokkenen gaan ervan uit dat de overeenkomst tegen het einde van deze maand zowel financieel als juridisch helemaal afgerond is. Daarvoor is de zegen nodig van de raad van bestuur van SN Air Holding, die woensdag vergadert. 'Het zou me zeer sterk verbazen mocht er nu nog iets mislopen, al heeft men daarover nooit zekerheid', stelt een bron die dicht bij het dossier staat. Als de Belgische bestuurders zoals verwacht het licht op groen zetten, kan de operationele coöperatie tussen de twee maatschappijen op 1 januari beginnen. Tenzij het onderzoek van de mededingsautoriteiten lang aansleept en de voorbereiding van die samenwerking zou vertragen.
As of 2005, VEX and SN will work together but they will keep their own identity. Virgin Express receives 29.9 % of the shares of SN Holding, in return SN Holding will have the full control of Virgin Express. The operational cooperation will start in January.
(tijd) - Concurrenten Virgin Express en SN Brussels Airlines (SNBA) gaan vanaf 1 januari 2005 samenwerken. De luchtvaartmaatschappijen worden dan zusterbedrijven onder de koepel van SN Air Holding, de huidige hoofdaandeelhouder van SNBA. Virgin Express Holdings (VEX) krijgt 29,9 procent in SN Air Holding in ruil voor de inbreng van zijn volle dochter Virgin Express. Een principieel akkoord daarover werd al in maart afgesloten. Dat meldt De Tijd.
Alle betrokkenen gaan ervan uit dat de overeenkomst tegen het einde van deze maand zowel financieel als juridisch helemaal afgerond is. Daarvoor is de zegen nodig van de raad van bestuur van SN Air Holding, die woensdag vergadert. 'Het zou me zeer sterk verbazen mocht er nu nog iets mislopen, al heeft men daarover nooit zekerheid', stelt een bron die dicht bij het dossier staat. Als de Belgische bestuurders zoals verwacht het licht op groen zetten, kan de operationele coöperatie tussen de twee maatschappijen op 1 januari beginnen. Tenzij het onderzoek van de mededingsautoriteiten lang aansleept en de voorbereiding van die samenwerking zou vertragen.
As of 2005, VEX and SN will work together but they will keep their own identity. Virgin Express receives 29.9 % of the shares of SN Holding, in return SN Holding will have the full control of Virgin Express. The operational cooperation will start in January.
-
Boeing767copilot
- Posts: 1439
- Joined: 13 May 2004, 00:00
The negotiators of Virgin Express Holdings PLC the majority shareholder of Virgin Express NV/SA, and the negotiators of SN Airholding II, the majority shareholder of SN Brussels Airlines, have finalised an agreement which contemplates placing Virgin Express NV/SA and SN Brussels Airlines under the common ownership of SN Airholding II.
The negotiators will now submit the agreement to the respective Boards of Directors for discussions and approval. The agreement follows the framework of a Letter of Intent of 16th March 2004 with certain agreed alterations to valuation reflecting current circumstances in the market.
Upon approval by the parties and the competent authorities, Virgin Express NV/SA and SN Brussels Airlines will be placed under the common ownership of SN Airholding II. In exchange Virgin Express Holdings PLC will own 29.9 % of the shares of SN Airholding II.
SN Airholding II will own 100 % of the shares of Virgin Express NV/SA and nearly 92% of the shares of SN Brussels Airlines.
Further announcements with more detailed information on this transaction will be made as soon as it has been approved by all the parties concerned.
The negotiators will now submit the agreement to the respective Boards of Directors for discussions and approval. The agreement follows the framework of a Letter of Intent of 16th March 2004 with certain agreed alterations to valuation reflecting current circumstances in the market.
Upon approval by the parties and the competent authorities, Virgin Express NV/SA and SN Brussels Airlines will be placed under the common ownership of SN Airholding II. In exchange Virgin Express Holdings PLC will own 29.9 % of the shares of SN Airholding II.
SN Airholding II will own 100 % of the shares of Virgin Express NV/SA and nearly 92% of the shares of SN Brussels Airlines.
Further announcements with more detailed information on this transaction will be made as soon as it has been approved by all the parties concerned.
SN Air Holding akkoord voor afronding overname Virgin
(Belga) De raad van bestuur en de investeerders van SN Air Holding hebben hun voorzitter een mandaat gegeven om de onderhandelingen over een overname van luchtvaartmaatschappij Virgin Express positief te beëindigen.
Dat laat SN Air Holding donderdagochtend in een mededeling weten. De raad van bestuur van Virgin Express komt volgende week bijeen. Als alles goed gaat, moet er rond het eind van deze maand een definitief akkoord zijn. (voc)
SN Air Holding agrees to take over Virgin Express. It was told by Geert Sciott on the radio this morning
.
Press Release of SN Airholding II
Thursday, September 16, 2004
The Board of SN Airholding II has gathered yesterday in order to discuss the negotiations with Virgin Express Holdings Plc regarding a common ownership of SN Brussels Airlines and Virgin Express NV/SA.
The Board Meeting was followed by a meeting with the investors of SN Airholding II. The Board and the investors have given a mandate to the president of SN Airholding II to positively finalize the negotiations.
Further announcements will be made once the final terms of the agreement are approved.
(Belga) De raad van bestuur en de investeerders van SN Air Holding hebben hun voorzitter een mandaat gegeven om de onderhandelingen over een overname van luchtvaartmaatschappij Virgin Express positief te beëindigen.
Dat laat SN Air Holding donderdagochtend in een mededeling weten. De raad van bestuur van Virgin Express komt volgende week bijeen. Als alles goed gaat, moet er rond het eind van deze maand een definitief akkoord zijn. (voc)
SN Air Holding agrees to take over Virgin Express. It was told by Geert Sciott on the radio this morning
.Press Release of SN Airholding II
Thursday, September 16, 2004
The Board of SN Airholding II has gathered yesterday in order to discuss the negotiations with Virgin Express Holdings Plc regarding a common ownership of SN Brussels Airlines and Virgin Express NV/SA.
The Board Meeting was followed by a meeting with the investors of SN Airholding II. The Board and the investors have given a mandate to the president of SN Airholding II to positively finalize the negotiations.
Further announcements will be made once the final terms of the agreement are approved.
I just hope that both companies won't mix up to much even if they say it won't !!!
If poeple by an SN ticket to a sunny destination and finally fly VEX they will certainly not be happy. This was the same with the old codeshare between Sabena and VEX.
Let's hope they won't make the same mistakes again
Chris
If poeple by an SN ticket to a sunny destination and finally fly VEX they will certainly not be happy. This was the same with the old codeshare between Sabena and VEX.
Let's hope they won't make the same mistakes again
Chris
The 2 companies will be kept separate. Even a name change would not occur before 2 years.
The major factor will be an economy of scale.
Also scheduling needs to be improved. Imagine what is happening now: 2 flights to the same destination at 5 minutes interval (one TV and one SN), and then nothing for five hours. Coordination should improve this.
The major factor will be an economy of scale.
Also scheduling needs to be improved. Imagine what is happening now: 2 flights to the same destination at 5 minutes interval (one TV and one SN), and then nothing for five hours. Coordination should improve this.
André
ex Sabena #26567
ex Sabena #26567
On Tuesday 5 October Virgin Express and SN Brussels Airlines stepped closer to sealing their alliance. SNBA's shareholder representative Etienne Davignon and Virgin's executive director Stephen Murphy signed a binding letter of intent, marking a key stage in the deal.
The final partnership could be completed as early as next February.
To mark the occasion, a press conference was scheduled this Wednesday at the headquarters of SNBA shareholder Tractebel/Suez.
Under the planned deal, SNBA and Virgin Express will become sister firms. Although the pair intend to keep their existing names and brands, they will be run under a single management.
The idea is that SNBA will continue to target business customers while Virgin will sell to the budget passenger. But the pair hopes a single management structure will allow them to work out better timetables.
However, according to Expatica, some commentators have expressed concern about the absence of merging planned in many business areas of the firms. They fear the deal may amount to the "re-creation" of a national monopoly on certain routes from Brussels National Airport at Zaventem, where both companies are based.
That could lead to price rises. Many critics want to see the arrival at Zaventem of a major low-cost operator, for example EasyJet, to keep flight prices competitive.
The final partnership could be completed as early as next February.
To mark the occasion, a press conference was scheduled this Wednesday at the headquarters of SNBA shareholder Tractebel/Suez.
Under the planned deal, SNBA and Virgin Express will become sister firms. Although the pair intend to keep their existing names and brands, they will be run under a single management.
The idea is that SNBA will continue to target business customers while Virgin will sell to the budget passenger. But the pair hopes a single management structure will allow them to work out better timetables.
However, according to Expatica, some commentators have expressed concern about the absence of merging planned in many business areas of the firms. They fear the deal may amount to the "re-creation" of a national monopoly on certain routes from Brussels National Airport at Zaventem, where both companies are based.
That could lead to price rises. Many critics want to see the arrival at Zaventem of a major low-cost operator, for example EasyJet, to keep flight prices competitive.
André
ex Sabena #26567
ex Sabena #26567
Press Release of SN Airholding
Brussels, 6 October 2004 – SN Airholding is pleased to announce that after prolonged but constructive negotiations a binding agreement has been signed with Virgin Express Holdings PLC placing SN Brussels Airlines and Virgin Express SA/NV under the common ownership of SN Airholding.
The Board of directors of SN Airholding , majority shareholder of SN Brussels Airlines, and the Board of Virgin Express Holdings PLC, majority shareholder of Virgin Express SA/NV, have both approved the common ownership project. As a result the binding agreement regarding the common ownership of both Belgian airlines was signed yesterday evening by Mr. Etienne Davignon, Chairman of SN Airholding and Mr. Rob Kuijpers, , Executive Chairman of SN Brussels Airlines and Mr. David Hoare, Executive Chairman of Virgin Express Holdings PLC and Mr. Stephen Murphy, Director of Virgin Express Holdings PLC and CEO of Virgin Management .
Outline of the transaction
Virgin Express Holdings Plc will transfer all of its shares in Virgin Express SA/NV into SN Airholding for an agreed value of euro 54 million in consideration for an issue of shares in SN Airholding to Virgin Express Holdings Plc.
After the contribution by Virgin Express Holdings Plc and the issue of new shares by SN Airholding, Virgin Express Holdings Plc will own 29,9 pct of the fully diluted share capital of SN Airholding, the remaining 70,1 pct. being held by the present shareholders of SN Airholding.
After completion, SN Airholding will own 100 pct of the shares of Virgin Express SA/NV and 92 pct. of the shares of SN Brussels Airlines.
As part of the terms of the transaction, there are put and call options in respect of the Virgin Express Holdings Plc equity interest in SN Airholding :
• SN Airholding , SN Brussels Airlines and Virgin Express SA/NV grant to Virgin Express Holdings Plc a put option to sell its 29,9 pct. stake at a price no higher than its contribution value of € 54 million (subject to auditor confirmation). This option can be exercised at any time from the first anniversary of completion until the third anniversary.
• Virgin Express Holdings Plc grants to SN Airholding, SN Brussels Airlines and Virgin Express SA/NV a call option to buy its 29,9 pct stake at a price no higher than euro 75 million, payable in two instalments. This option can be exercised at any time from the first anniversary of completion until the third anniversary.
Conditions of the transaction
The agreement contains a number of conditions that will need to be fulfilled before completion can take place:
• The transaction must get clearance from competition authorities. After consultation with the European Commission, the file will be submitted among others to the Belgian and German Competition authorities.
• Virgin Express Holdings Plc will recapitalize Virgin Express SA/NV so that, as at 31st December 2004, it is delivered with positive net assets and cash and financial debt free including vis-à-vis Virgin Express Holdings Plc and the wider Virgin Group
Share repartition of SN Airholding
Current situation
• Number of shares held by 35 Investors 1,226,000 or 100 pct.
Post transaction
• Number of shares held by 35 investors 1,226,000 or 70,1 pct.
• Number of shares held by Virgin Express Holdings Plc 522,930 or 29,9 pct.
Total number of shares 1,748,930 or 100 pct.
Other terms of the agreement
Virgin Express SA/NV will have the right to continue to use the Virgin Express brand for a period of two years from completion.
Virgin Express Holdings Plc has the right to appoint two representatives as Board members of SN Airholding . This only as long as Virgin Express Holdings Plc has at least 20 pct. of the outstanding shares of SN Airholding . Virgin Express Holdings Plc will be represented in the Audit Committee and the Nomination and Remuneration Committee.
Neither Virgin Express Holdings Plc nor other shareholders, can exercise more than 24 pct. of the voting rights.
There are no specified minority rights.
Timing of the transaction
The agreement will be completed, amongst others, once the approval of the competition authorities has been given and once the conditions before completion are realised. This completion is expected in the first quarter of 2005, with a backstop date of 30 June 2005.
Comments
The Board of SN Airholding believes that the binding agreement is in the best interests of both airlines, their employees, shareholders and customers. Thanks to the common ownership of SN Brussels Airlines and Virgin Express SA/NV a solid, healthy and sustainable Belgian aviation platform will be realised.
2 product appeals:
SN Airholding will offer the market 2 airlines with different product appeals, different brands that fulfil the needs of the highly competitive Belgian market: a flexible full service airline which connects Brussels with Europe, Africa and the US and a low-fare airline operating in Europe.
SN Airholding Chairman, Minister of State Etienne Davignon says: “We recognise that there is today a strong market demand for two different airline models: a full service airline and a low-fare airline. SN Airholding will offer the capital of Europe these two models. By joining the forces of SN Brussels Airlines and Virgin Express, we will limit the current excess capacity on certain routes, better respond to the requirements of our clients and also help the development of the Brussels Airport. The increased purchasing power combined with the network and cost synergies will result in a competitive aviation platform that is in the best interest of our customers. I guarantee that both airlines will continue to offer the best value for money in the future and justify the motivation of all our personnel.”
Planning
An integration Committee that consists of 4 members (Mr. Rob Kuijpers Executive Chairman of SN Brussels Airlines, Mr. Peter Davies CEO of SN Brussels Airlines, Mr. Michel Meyfroidt CEO of SN Airholding and Mr. Neil Burrows Managing Director of Virgin Express) has been created which will lead the planning process. Mr.Rob Kuijpers, Chairman of the Integration Committee will report to a Steering Committee that will be composed of Etienne Davignon, president of SN Airholding and Stephen Murphy, Virgin Management’s CEO, .
The first priority will be to plan a network based on optimising the flight programs of the two airlines.
Overview of the combined companies
SN Brussels Airlines handled 3,2 million passengers in 2003 and Virgin Express 2,7 million. Together, SN Brussels Airlines and Virgin Express will have a market share of almost 40 pct at their Brussels airport home base. Both airlines together offer direct employment for more than 2.800 people in Belgium and abroad.
Based on the figures of 2003, both companies together produced 150.280 flight offers and realised an operating income of euro 836 million. SN Brussels Airlines operates a fleet of 38 aircraft (including 3 wide body long haul) and Virgin Express operates 11 aircraft.
Brussels, 6 October 2004 – SN Airholding is pleased to announce that after prolonged but constructive negotiations a binding agreement has been signed with Virgin Express Holdings PLC placing SN Brussels Airlines and Virgin Express SA/NV under the common ownership of SN Airholding.
The Board of directors of SN Airholding , majority shareholder of SN Brussels Airlines, and the Board of Virgin Express Holdings PLC, majority shareholder of Virgin Express SA/NV, have both approved the common ownership project. As a result the binding agreement regarding the common ownership of both Belgian airlines was signed yesterday evening by Mr. Etienne Davignon, Chairman of SN Airholding and Mr. Rob Kuijpers, , Executive Chairman of SN Brussels Airlines and Mr. David Hoare, Executive Chairman of Virgin Express Holdings PLC and Mr. Stephen Murphy, Director of Virgin Express Holdings PLC and CEO of Virgin Management .
Outline of the transaction
Virgin Express Holdings Plc will transfer all of its shares in Virgin Express SA/NV into SN Airholding for an agreed value of euro 54 million in consideration for an issue of shares in SN Airholding to Virgin Express Holdings Plc.
After the contribution by Virgin Express Holdings Plc and the issue of new shares by SN Airholding, Virgin Express Holdings Plc will own 29,9 pct of the fully diluted share capital of SN Airholding, the remaining 70,1 pct. being held by the present shareholders of SN Airholding.
After completion, SN Airholding will own 100 pct of the shares of Virgin Express SA/NV and 92 pct. of the shares of SN Brussels Airlines.
As part of the terms of the transaction, there are put and call options in respect of the Virgin Express Holdings Plc equity interest in SN Airholding :
• SN Airholding , SN Brussels Airlines and Virgin Express SA/NV grant to Virgin Express Holdings Plc a put option to sell its 29,9 pct. stake at a price no higher than its contribution value of € 54 million (subject to auditor confirmation). This option can be exercised at any time from the first anniversary of completion until the third anniversary.
• Virgin Express Holdings Plc grants to SN Airholding, SN Brussels Airlines and Virgin Express SA/NV a call option to buy its 29,9 pct stake at a price no higher than euro 75 million, payable in two instalments. This option can be exercised at any time from the first anniversary of completion until the third anniversary.
Conditions of the transaction
The agreement contains a number of conditions that will need to be fulfilled before completion can take place:
• The transaction must get clearance from competition authorities. After consultation with the European Commission, the file will be submitted among others to the Belgian and German Competition authorities.
• Virgin Express Holdings Plc will recapitalize Virgin Express SA/NV so that, as at 31st December 2004, it is delivered with positive net assets and cash and financial debt free including vis-à-vis Virgin Express Holdings Plc and the wider Virgin Group
Share repartition of SN Airholding
Current situation
• Number of shares held by 35 Investors 1,226,000 or 100 pct.
Post transaction
• Number of shares held by 35 investors 1,226,000 or 70,1 pct.
• Number of shares held by Virgin Express Holdings Plc 522,930 or 29,9 pct.
Total number of shares 1,748,930 or 100 pct.
Other terms of the agreement
Virgin Express SA/NV will have the right to continue to use the Virgin Express brand for a period of two years from completion.
Virgin Express Holdings Plc has the right to appoint two representatives as Board members of SN Airholding . This only as long as Virgin Express Holdings Plc has at least 20 pct. of the outstanding shares of SN Airholding . Virgin Express Holdings Plc will be represented in the Audit Committee and the Nomination and Remuneration Committee.
Neither Virgin Express Holdings Plc nor other shareholders, can exercise more than 24 pct. of the voting rights.
There are no specified minority rights.
Timing of the transaction
The agreement will be completed, amongst others, once the approval of the competition authorities has been given and once the conditions before completion are realised. This completion is expected in the first quarter of 2005, with a backstop date of 30 June 2005.
Comments
The Board of SN Airholding believes that the binding agreement is in the best interests of both airlines, their employees, shareholders and customers. Thanks to the common ownership of SN Brussels Airlines and Virgin Express SA/NV a solid, healthy and sustainable Belgian aviation platform will be realised.
2 product appeals:
SN Airholding will offer the market 2 airlines with different product appeals, different brands that fulfil the needs of the highly competitive Belgian market: a flexible full service airline which connects Brussels with Europe, Africa and the US and a low-fare airline operating in Europe.
SN Airholding Chairman, Minister of State Etienne Davignon says: “We recognise that there is today a strong market demand for two different airline models: a full service airline and a low-fare airline. SN Airholding will offer the capital of Europe these two models. By joining the forces of SN Brussels Airlines and Virgin Express, we will limit the current excess capacity on certain routes, better respond to the requirements of our clients and also help the development of the Brussels Airport. The increased purchasing power combined with the network and cost synergies will result in a competitive aviation platform that is in the best interest of our customers. I guarantee that both airlines will continue to offer the best value for money in the future and justify the motivation of all our personnel.”
Planning
An integration Committee that consists of 4 members (Mr. Rob Kuijpers Executive Chairman of SN Brussels Airlines, Mr. Peter Davies CEO of SN Brussels Airlines, Mr. Michel Meyfroidt CEO of SN Airholding and Mr. Neil Burrows Managing Director of Virgin Express) has been created which will lead the planning process. Mr.Rob Kuijpers, Chairman of the Integration Committee will report to a Steering Committee that will be composed of Etienne Davignon, president of SN Airholding and Stephen Murphy, Virgin Management’s CEO, .
The first priority will be to plan a network based on optimising the flight programs of the two airlines.
Overview of the combined companies
SN Brussels Airlines handled 3,2 million passengers in 2003 and Virgin Express 2,7 million. Together, SN Brussels Airlines and Virgin Express will have a market share of almost 40 pct at their Brussels airport home base. Both airlines together offer direct employment for more than 2.800 people in Belgium and abroad.
Based on the figures of 2003, both companies together produced 150.280 flight offers and realised an operating income of euro 836 million. SN Brussels Airlines operates a fleet of 38 aircraft (including 3 wide body long haul) and Virgin Express operates 11 aircraft.
https://www.aviation24.be/article6024.htmlluchtzak wrote:Press Release of SN Airholding
Just one comment:
There seems to be a huge difference in productivity... (you might call it load factor as well)SN Brussels Airlines handled 3,2 million passengers in 2003 and Virgin Express 2,7 million.
SN Brussels Airlines operates a fleet of 38 aircraft (including 3 wide body long haul) and Virgin Express operates 11 aircraft.
André
ex Sabena #26567
ex Sabena #26567
Well Vrigin Express has a better loadfactor then SN Brussels Arlines when you see this.
This merge does this mean that Virgin Express is not in the hands of Richard Branson anymore? If it is I'm really curious to see what will happen with Virgin Express in the future. I think that this was a good move from SN Brussels Airlines to get rit of the concurrence at BRU.
I hope it will not affect prices!!
This merge does this mean that Virgin Express is not in the hands of Richard Branson anymore? If it is I'm really curious to see what will happen with Virgin Express in the future. I think that this was a good move from SN Brussels Airlines to get rit of the concurrence at BRU.
I hope it will not affect prices!!
Maybe, but with a loadfactor of 55-60% SN is able to make some profit (as seen in the first half of 2004) while VEX isn't able to do profits with loadfactors of 80 or more !!!!sn26567 wrote:There seems to be a huge difference in productivity... (you might call it load factor as well)SN Brussels Airlines handled 3,2 million passengers in 2003 and Virgin Express 2,7 million.
SN Brussels Airlines operates a fleet of 38 aircraft (including 3 wide body long haul) and Virgin Express operates 11 aircraft.
Chris
However, the figures show that there is a huge difference of culture between the two companies. The merger will not be an easy job.
Davignon said that the personnel would not be affected, except at corporate level. That's were the problem will be: merging two different enterprise cultures will need painful pruning.
Davignon said that the personnel would not be affected, except at corporate level. That's were the problem will be: merging two different enterprise cultures will need painful pruning.
André
ex Sabena #26567
ex Sabena #26567
Read today in the economical section of HLN: The name Virgin can be used for 2 more years, AND they can ask for an extension of that period if they want.
But one person (i think it was D'Avignon) was qouted to say: "If we do not intend to use the name anymore after 2 years, I don't think we will wait so long for changing it."
So it could be that Virgin looses it's name quite quickly, or that the name Virgin would stay for many more years (although that would be costly, they would probably need to pay for an extension of the period that they can use it.).
Greets,
Pieter
But one person (i think it was D'Avignon) was qouted to say: "If we do not intend to use the name anymore after 2 years, I don't think we will wait so long for changing it."
So it could be that Virgin looses it's name quite quickly, or that the name Virgin would stay for many more years (although that would be costly, they would probably need to pay for an extension of the period that they can use it.).
Greets,
Pieter
Virgin Express Holdings verlaat Brusselse beurs
09:39 (tijd) - Virgin Express Holdings Plc (VEX) wil volgend jaar zijn aandelen van de Brusselse beurs halen. VEX heeft als enige actief de luchtvaartmaatschappij Virgin Express.
In short: VEX will leave the Brussels stock exchange. To the financial experts: what does this mean to the people having shares of VEX?
09:39 (tijd) - Virgin Express Holdings Plc (VEX) wil volgend jaar zijn aandelen van de Brusselse beurs halen. VEX heeft als enige actief de luchtvaartmaatschappij Virgin Express.
In short: VEX will leave the Brussels stock exchange. To the financial experts: what does this mean to the people having shares of VEX?
