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VBA Virgin Blu Fpo

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Share Name Share Symbol Market Type
Virgin Blu Fpo ASX:VBA Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

UPDATE:Virgin Blue In Boeing Deal, Links With US Counterpart

01/04/2010 8:03pm

Dow Jones News


Virgin Blue Holdings (ASX:VBA)
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Virgin Blue Holdings Ltd. (VBA.AU), parent of Australia's second-largest airline, Thursday reached a deal to acquire up to 105 new aircraft from Boeing Co. (BA).

The company also said it would enter a frequent-flyer pact with its U.S. counterpart.

The Boeing deal includes firm orders for 40 737-800 aircraft destined for the Virgin Blue brand, with deliveries running from June 2011 through 2017.

Virgin Blue Holdings, which also operates international flights under the V Australia brand, additionally said it would link loyalty programs with Virgin America. U.K. entrepreneur Richard Branson founded both carriers, and entities that he controls retain minority stakes.

Meshing the frequent-flyer programs is one of the first results of efforts to create synergies among Virgin-branded carriers, which include U.K.-based Virgin Atlantic Airways Ltd. The U.S. and Australian carriers already allow cross-booking of passengers and also plan a crew exchange.

Virgin Blue and its counterparts aren't members of any of the three alliances that dominate the global airline industry, but the Virgin Blue brands are awaiting regulatory approval for a tie-up with Delta Air Lines Inc. (DAL), a leading member of the SkyTeam group.

Australian regulators gave the proposed deal antitrust immunity in December, but U.S. authorities completed their initial review only in March, triggering a six-month timetable for a final decision.

Virgin Blue last year dropped UAL Corp.'s (UAUA) United Airlines as a partner on transpacific routes to the U.S. in favor of Delta.

Virgin Blue's Boeing order is in line with the company's own previous indications, replacing existing aircraft and providing capacity for expansion.

The deal, which potentially could involve a total 105 aircraft, includes 10 737s with cancellation rights, 25 options for firm delivery positions and 30 future purchase rights.

The 40 firm orders lifted Boeing's gross bookings for the year to 100 aircraft, though it has also had 17 cancellations, including two 777s for unnamed customers announced Thursday.

-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com -By Bill Lindsay, Dow Jones Newswires; 61-2-8272-4694; bill.lindsay@dowjones.com

 
 

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1 Year Virgin Blue Holdings Chart

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1 Month Virgin Blue Holdings Chart