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LOT compra a Condor


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Que surpresa,com o apoio do governo alemão, tinha a impressão que os alemães comprariam, mas vejo com bons olhos a aquisição pois da força a um competidor pequeno que não teria como penetrar o mercado alemão sem essa aquisição.

Terao  poder para assumir a dívida da Condor, trocar a velha e combalida frota e ainda por cima se manter?

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LOT Polish Airlines parent agrees to buy Condor

By Lewis Harper24 January 2020

  •  
  • The owner of LOT Polish Airlines has agreed to purchase former Thomas Cook Group subsidiary Condor.

The German leisure airline said on 24 January that the deal with Polish Aviation Group (PGL) secures “our future in the long term”.

“We are pleased that Condor, Germany’s most popular leisure airline, has gained in the PGL and LOT stable, experienced and dynamically developing partners who secure the future of our business,” says Condor chief executive Ralf Teckentrup. “Together we will serve twice as many passengers, thus forming one of the largest aviation groups and the leading leisure airline group in Europe.”

Condor A320

 

The Condor brand will be retained, along with “its successful management team”, PGL states.

“Condor will become the centre of PGL’s leisure strategy with a focus on growth in Germany as well as adjacent markets, building one of the leading European leisure airlines,” the Polish group adds.

A bridging loan of €380 million ($419 million) provided by German state bank KfW – needed because Condor faced an “acute liquidity shortage” as a result of Thomas Cook’s collapse – will be repaid as part of the agreement.

PGL’s purchase of Condor is expected to close by April 2020, “once customary antitrust approvals are obtained and Condor exits the protective shield proceedings”.

Condor’s future had been uncertain before the collapse of its parent in September 2019. In May, the leisure carrier announced it had received several bids for the business – including from Lufthansa Group. 

 

Source: www.flightglobal.com

 

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Interessante que esse Polish Aviation Group é controlado pelo governo polonês. Quero ver o que a Comissão Europeia vai falar sobre isso.

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1 hour ago, F-BVFA said:

Interessante que esse Polish Aviation Group é controlado pelo governo polonês. Quero ver o que a Comissão Europeia vai falar sobre isso.

Devem aprovar com facilidade, se a LH comprasse seria certo uma negativa uma vez que caracterizaria o monopólio em Frankfurt 

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16 hours ago, Luckert said:

Devem aprovar com facilidade, se a LH comprasse seria certo uma negativa uma vez que caracterizaria o monopólio em Frankfurt 

Não é uma questão de monopólio. A UE não gosta muito desse tipo de investimento por parte de governos do bloco. Essa é a questão a meu ver.

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37 minutes ago, F-BVFA said:

Não é uma questão de monopólio. A UE não gosta muito desse tipo de investimento por parte de governos do bloco. Essa é a questão a meu ver.

Eu não observei desse ponto de vista , mas tem lógica,a EU quer investimento privado e não estatal .....mas o monopólio de empresas privadas, como a LH na Alemanha tb não é bem visto muito menos aceito dentro das regras....até agora não sei como aprovarão a compra da Air Europa pela IAG, monopólio puro na Espanha.

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What does LOT’s purchase of Condor mean for Europe’s airline market?

By Lewis Harper28 January 2020

  • The conventional wisdom in the European airline industry tends to be that inevitable consolidation will be based around growth of the five biggest groups: Air France-KLM, EasyJet, IAG, Lufthansa Group and Ryanair.

The decision by LOT Polish Airlines’ parent company to purchase German leisure carrier Condor, announced on 24 January, appears to upset that narrative – one medium-size airline purchasing another.

The deal has been agreed in a European market that is known as a hostile place for smaller carriers with strong connections to a single national market – particularly in the leisure sector. See, for example, the collapses of Aigle Azur, Air Berlin, Germania, Monarch, XL Airways, and, towards the end of 2019, UK-based Thomas Cook Group – of which Condor is a surviving subsidiary.

So what what does LOT’s purchase of Condor mean for Europe’s airline market?

LOT buys Condor

Source: Condor

LOT Polish Airlines chief executive Rafal Milczarski (third from left) and Condor chief executive Ralf Teckentrup (third from right) mark the deal

LOT itself is a state-run flag carrier and one of the oldest airline brands in the world. Like many carriers of a similar size and business model, it required state funding to stay operational in the early 2010s.

Since stabilising its business, the Star Alliance carrier has pushed on to become profitable, driven by decent returns on long-haul routes to North America and Asia from its Warsaw Chopin hub.

At the same time, and again like many carriers of its size and business model, it has often talked about the potential advantages of finding a partner to aid its efforts to maintain profitability in a highly competitive market.

NEW PARTNERSHIP

The purchase of Condor by LOT’s parent company, state-run Polska Grupa Lotnicza (PGL), is a step down that partnership road. It will create a new airline group – one with both LOT’s network model and Condor’s leisure brand at its core.

“Condor will become the centre of PGL’s leisure strategy with a focus on growth in Germany as well as adjacent markets, building one of the leading European leisure airlines,” explains PGL.

The deal means that the short-term future of Condor has likely been assured – the German carrier having needed emergency state funding to continue operations following its parent’s collapse in September 2019. Those funds will now be paid back “in full”, PGL stated when the deal – which is expected to close in April – was announced.

Combined, LOT and Condor say they service around 20 million passengers per year, split roughly 50:50 between the operators.

Their most recent revenue figures are also similar: LOT parent PGL saying it generated revenues of around €1.9 billion ($2.1 billion) in 2019, while Condor recorded revenues of around €1.7 billion in its 2018-19 financial year.

LUCRATIVE MARKETS

PGL will have seen several strengths in Condor’s set-up.

The German carrier’s main hub at Frankfurt, and others at Munich and Dusseldorf, give it a presence in several of Germany’s most lucrative markets. 

Condor is also a strong brand name in Germany, with the potential to resonate into other territories. PGL might, for example, consider a competitive response to Ryanair’s establishment of leisure carrier Buzz – the renamed Ryanair Sun – in its home market.

PGL will also have been attracted to Condor by its achievement of profitability, at an operating level, while its now-defunct parent struggled.

It is less clear, however, where the new group might find synergies, given that LOT and Condor have separate route networks in different countries. That is not necessarily an insurmountable weakness – IAG grew by purchasing disparate operators – but for an upstart group it might mean there are few easy wins.

At the same time, PGL will be aware that operating a traditional leisure airline in Europe is a tough task.

Pan-European group TUI, for example, often cites its “content” business – through which it owns cruise ships and hotels, and offers experiences – as its main source of strength, with the consistent performance of that sector offsetting the unpredictably of its airline operations.

And in European short-haul leisure markets, the rise of low-cost competitors and overcapacity have driven down yields on services into many tourism hot spots. 

If Condor is to be expanded, it will need to navigate that sometimes hostile environment while keeping a close eye on its cost base.

It will also face pressure when attempting to expand its long-haul network – notably from Lufthansa Group.

In general terms, the German flag carrier’s dominance and possession of the best slots at key airports has made its home markets inhospitable even the strongest of competitors, as shown by EasyJet’s slow start at Berlin Tegel.

Condor’s relationship with one-time shareholder Lufthansa Group is also complicated by the fact that they have an interline agreement in place. The latter might be tempted to review that arrangement, particularly if it chooses to ramp up its own leisure services through its Eurowings subsidiary as a competitive response to a perceived strengthening of Condor. 

FLEET DECISIONS

LOT’s comments around the need to update Condor’s ageing fleet also reflect the scale of work required to position the new group for growth.

Notably, there is little commonality between the two operators – LOT itself having a fleet that it acknowledges could benefit from simplification.

The Polish carrier has 89 aircraft in service, Cirium fleets data shows, made up of 15 Boeing 787s, eight 737s, nine Bombardier CRJ900s, two CRJ700s, 12 De Havilland Canada Dash 8s, 35 aircraft from Embraer’s E-Jet family, three Airbus A320s, two A321s and three A340s.

LOT also has five 737 Max 8s in storage as part of the worldwide grounding, which at least partly explains the small number of Airbus narrowbodies that are backfilling in its fleet.

Cirium fleets data indicates Condor’s in-service fleet of 55 aircraft has an average age of 18.5 years. Most of its aircraft are older than that average, including its 16 Boeing 767-300ERs and 15 757-300s, and all but one of its 12 A320s.

Condor’s 10 A321s bring the average down – all of them being below 10 years of age. It also has two A330s in service.

Condor A320

Source: Condor

Condor A320

Rafal Milczarski, the chief executive of PGL and LOT, says Condor’s fleet renewal will begin by 2024, based on a need for “at least” 20 aircraft for its long-haul operation.

Milczarski notes that LOT’s previous 787 purchase – itself to replace 767s – does not necessarily mean the new group would opt for a Boeing option, adding that the Polish operator needs 10 or more new widebodies in a similar timeframe.

As a group, the two carriers will have slightly more purchasing power as they mull Airbus and Boeing options.

STRONGER FOUNDATIONS

Amid the list of challenges that the new tie-up faces, the most likely short-to-medium-term impact will be that LOT and Condor give themselves slightly stronger foundations, from which they will seek to achieve sustained profitability.

But they appear to lack any obvious leverage to significantly shift the region’s competitive dynamics, which are still largely beholden to the actions of the five big airline groups.

The new Polish-German business might therefore prove to be a step on the road to further consolidation, rather than an end point.

Source: www.flightglobal.com

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Home Empresas Aéreas  LOT buscará 20 novos aviões para reforçar a Condor; Boeing 787 está no páreo

LOT buscará 20 novos aviões para reforçar a Condor; Boeing 787 está no páreo

Após anunciar a compra da alemã Condor, a polonesa LOT pretende aumentar a frota da empresa com novos jatos de longo alcance.

787 Condor Boeing 787 da Condor no simulador Prepar3D

 

 

A informação foi divulgada pelo jornal polonês Pasazerem uma entrevista feita após o anúncio da compra da Condor pelo grupo que controla a LOT. Sem detalhar muito, o CEO da LOT, Rafał Milczarsk, afirmou que o grupo irá comprar 30 novos jatos de longo alcance, sendo 10 para a própria LOT e 20 para a Condor.

A LOT tem tido um crescimento expressivo nos últimos anos após uma reestruturação, e inclusive tem sondado o aluguel de alguns Boeing 777-200ER que pertenciam à Singapore Airlines para abrir novas rotas da Hungria e Polônia para São Francisco e Washington. Atualmente, a empresa já utiliza alguns Airbus A340-300 da Air Belgium para suas rotas de Varsóvia para Nova Iorque, Newark e Toronto. 

Com a entrada na Condor, que já tem aviões relativamente antigos, como o Boeing 757 e 767-300ER, parece ser um ótimo momento para fazer uma encomenda conjunta e maior, logo, conseguindo melhores descontos.

 

 

De Boeing para Boeing, de Embraer para Boeing?

Embraer E-Jet E195 LOT Polish Embraer 195 da LOT – Imagem: Jacek Bonczek / LOT

A LOT já opera uma frota a jato totalmente composta por Boeing: são 68 aviões na frota da empresa polonesa que vão do 737-400 até o 737-800, 737 MAX 8; os 787-8 e 787-9 e toda a família dos E-Jets de primeira geração da Embraer – é a única empresa a operar todos os modelos dos aviões brasileiros.

Os 787 Dreamliner substituiriam os antigos 767 da empresa, que foram por anos seu workhorse dos voos intercontinentais. A tendência é a mesma para a Condor, que opera 31 jatos da família 757/767 e apenas um Airbus A330.

Segundo Rafał, a idéia do grupo é unificar a frota da empresa e, inclusive, fazer treinamento conjunto dos pilotos, que poderiam trabalhar nas duas companhias, caso necessário. 

Não está claro se a LOT pretende colocar a Condor na aliança Star Alliance. Para isso, precisaria do aval da também alemã, concorrente e fundadora da Condor: a Lufthansa. Outro ponto sobre a entrada na aliança seria a mudança radical no serviço e padrões da companhia recém-comprada, que hoje é focada no passageiro de turismo e, segundo Rafał, continuará sendo assim.

O primeiro passo será a integração da Condor ao grupo da LOT, e depois a entrada da aérea alemã no mercado polonês e húngaro. O nome Condor será mantido devido ao apelo e popularidade, mas não está certo se a identidade visual amarela com o pássaro será mantida. 

O martelo para a compra ainda não foi batido, mas o Boeing 787 Dreamliner é o principal candidato. A Airbus certamente irá oferecer o A330neo ou A350, juntamente com o regional A220 para substituir a grande frota de E-Jets da LOT. 

Cabe agora à Boeing Brasil incluir os E2 numa boa oferta conjunta com os jatos maiores da Boeing, tendo num pacote só aviões para voos intercontinentais e intra-europeus.

 

Fonte :aeroin 

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Estou achando que a PGL/LOT está indo com muita sede ao pote...

Dobrar de tamanho e renovar uma empresa com frota bem antiga exigem muito investimento. E ela comprou um empresa de um nicho que está perdendo importância na Europa.

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9 minutes ago, A345_Leadership said:

Estou achando que a PGL/LOT está indo com muita sede ao pote...

Dobrar de tamanho e renovar uma empresa com frota bem antiga exigem muito investimento. E ela comprou um empresa de um nicho que está perdendo importância na Europa.

O que mais me intriga é não saber o que pagaram e qual passivo assumiram....agora 20 B787 seria ótimo pra Condor, afinal a frota está muito velha mas há demanda para tudo isso?

É um nicho de mercado que já teve vários operadores que faliram recentemente, pode ser um tiro no pé....ou ela abocanha esse mercado abandonado 

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  • 2 months later...

CONDOR TO BE NATIONALIZED

 

MIAMI – The German government is set to nationalize Condor (DE) as the deal between the carrier and Polish Aviation Group (PGL) seems likely to collapse in light of the current crisis.

However, neither DE, PGL nor the national administration has made a final decision as the German company said that it was in talks with the parties involved, also rejecting to comment further. Previously, it was expected that the arrangement would be finalized by April of this year.

DE – PGL PURCHASE DETAILS


In January, LOT (LO), the airline of PGL, offered to buy DE for US$328m, but this week it was reported by Reuters that the Polish carrier was dealing with contingents on certain financial guarantees with which the government did not coincide.

During this alarming virus spread period, DE has been recognized for its busy repatriation flights, an endeavor in the eye of PGL as part of a strategy to create a European aviation group between the German airline and LOT to carry 20 million passengers per year.

The current state of the airline came after its owner corporation, Thomas Cook, which has a 49% stake in the carrier, collapsed in September 2019. By that time, DE asked for a US$415m rescue loan that was granted and with the arrangement that PGL would repay such debt.

But the financial situation became worse since then, as the carrier requested in the past week an additional US$200m in state aid to face the COVID-19 crisis. 

The move by the German government is similar to Alitalia’s (AZ) nationalization after there was no purchase deal between the carrier and buyers as the deadline got near.

We still do not know what the outcome of the nationalization might turn out to be, but as IATA’s CEO states that half of the airlines will probably go bankrupt in the coming months, DE is likely to be taken over if it wants to survive what it is now becoming one of the worst crisis in commercial aviation history.

 

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  • 2 weeks later...

Condor procura opções após PGL desistir da aquisição

Por Graham Dunn 15 de abril de 2020

  • A transportadora alemã de lazer Condor está estudando opções para sua propriedade futura, enquanto as negociações continuam com o grupo de aviação polonês (PGL), da LOT, sobre as condições associadas à retirada da proposta de aquisição da companhia aérea.

Em janeiro, as duas partes divulgaram que a  PGL  se tornaria  o único acionista da Condor e reembolsaria um empréstimo-ponte de 380 milhões de euros (US $ 418 milhões) facilitado pelo governo federal alemão e pelo estado de Hesse. Esse empréstimo de seis meses foi concedido após o colapso do ex-pai da companhia aérea,  Thomas Cook , em setembro de 2019, para apoiar a  Condor  durante o inverno.

Condor A320

Fonte: Condor

Em 12 de março, os credores da Condor votaram a favor do plano de “escudo protetor” sob o qual a  PGL  deveria adquirir a companhia aérea.

O acordo foi fechado antes que a pandemia de coronavírus fizesse com que o mercado europeu de passageiros de companhias aéreas parasse virtualmente. Embora nenhum motivo específico tenha sido citado para a desistência da compra, um porta-voz da PGL diz que informou a Condor sobre sua retirada da aquisição.

Um porta-voz da Condor confirma que a PGL informou que deseja se retirar da compra.

"Atualmente, estamos discutindo com a PGL para definir possíveis condições para uma retirada", diz o porta-voz. Também estamos examinando como reivindicaremos nossas reivindicações nos termos dos contratos de compra assinados.

"A Condor está preparada para esse cenário e pretende abandonar o processo de blindagem em breve", acrescenta o porta-voz. Existem várias opções para a futura estrutura de propriedade, como uma estrutura de trustee. Também estamos conversando sobre auxílios estatais por causa dos efeitos da crise do coronavírus. ”

A Condor diz que suas operações de voo - dadas as circunstâncias que interromperam a maior parte dos voos de passageiros na Europa - continuarão normalmente. "Atualmente, estamos nos concentrando, em particular, em voos de ajuda para cargas e colheitas, a fim de contribuir para o fornecimento básico de medicamentos e bens da Alemanha", diz o porta-voz.

Fonte: www.flightglobal.com

 

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