IAG to Buy bmi

The owner of British Midland (bmi), Lufthansa, has announced that it is selling the carrier to International Consolidated Airlines Group (IAG).
Financial details of the deal have still not been released but the companies have said they hope to sign a purchase agreement soon, with completion of the sale to occur in April 2012.
The move still has to be approved by regulators who may take into account the extra take-off and landing slots that IAG will attain at London Heathrow Airport if the deal goes ahead.  IAG already owns British Airways and Iberia; by taking over bmi, the company will have 53% of the slots at the UK’s busiest airport.
Virgin Atlantic, which purportedly also made a bid for bmi, told the BBC:  “British Airways’ hold over Heathrow is already too dominant and we are very concerned – as the competition authorities should also be – that BA’s [IAG’s] purchase of bmi would be disastrous for consumer choice and competition.”
Lufthansa has owned 80% of bmi since 2008.