Acquisition
November 06 2003 - 6:09AM
UK Regulatory
RNS Number:7619R
7 Group PLC
06 November 2003
FOR IMMEDIATE RELEASE 6 November 2003
7 Group Plc
('7 Group' or 'the Company')
7 Group Takes Control of Air Littoral
7 Group plc, the owner of Azzurra Air, has been chosen today by the Montpellier
Industrial Tribunal to acquire the business of French airline Air Littoral, the
leading private French regional airline company.
The acquisition by 7 Group/Azzurra Air, includes 17, recently delivered, 50 seat
Canadair Regional Jet aircraft, 608 full time employees throughout the Air
Littoral group, together with the Engineering and ESMA Flight Training
operations, based at Montpellier. Consideration of the acquisition is the
immediate financial injection of Euro11M, and a further Euro4M over the next six
months, and the maintaining of the two main operational bases in Nice and
Montpellier. Air Littoral currently offers over 120 connections between the
largest cities of Southern Europe, carrying in its most recent operating year
some 6,000 passengers per day.
Full information relating to this acquisition, and the acquisition of Azzurra
Air as previously announced, will be contained in a circular (comprising an
Admission Document) to be sent to shareholders as soon as practicable, which
will seek shareholder approval for the acquisitions at an Extraordinary General
Meeting.
Mr Mario Palmonella, director, 7 Group plc commented;
"I am delighted with the decision taken by the Montpellier Industrial Tribunal.
Our objective is to establish a regional airline with a Mediterranean vocation
as a leading European entity based on synergies between Azzurra Airlines and Air
Littoral. This is a significant step for the Group towards becoming a leading
investor in the European commercial air transport industry. I look forward to
the future with confidence."
For further information, please contact,
Anton Tarkanyi 020 7245 1100
7 Group
Adam Reynolds 020 7245 1100 / 07785 908 158
Hansard Communications
Roland Cornish/Rod Venables 020 7628 3396
Beaumont Cornish Limited
Notes to Editors:
About Air Littoral
Air Littoral is the leading French regional airline company specialising in
regional networks throughout Europe. Air Littoral was one of the first airlines
in France to create a regional hub in Montpellier.
Today, its network converges around its two hubs on the Mediterranean archway -
Nice and Montpellier and offers 120 connections between the larger cities of
Southern Europe of France, Italy, Algeria and Tunisia.
This information is provided by RNS
The company news service from the London Stock Exchange
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