Jet approaches Bmi over controlling stake

Sir Michael Bishop, the chairman of Bmi British Midland, has been approached about a potential sale of his stake in the company by Jet Airways, the Indian airline that is one of the world's fastest-growing passenger carriers.
The Sunday Telegraph has learned that Jet expressed an interest just before Christmas in conjunction with a leading Middle-Eastern airline, believed to have been Emirates.
It is understood that the approach was made through an unidentified third party to "test the water" and that the two sides have held no formal meetings to discuss any possible offer.
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No talks are live at the moment, according to a person familiar with the situation.
If Jet, which is run by Naresh Goyal, one of India's richest men, pursues its interest in Bmi, it would signal another important step by Indian companies on to the global stage.
As the owner of 11pc of the take-off and landing slots at Heathrow Airport, the future ownership of Bmi has become one of the hottest topics in the aviation industry.
The value of Bmi's 83 slot pairs - the largest portfolio after British Airways - has rocketed following last year's "open skies" deal between the European Union and the US, which opens up Heathrow to new competitors from April this year.
Bishop owns 50pc plus one share of Bmi, with Germany's Lufthansa holding 30pc minus one share and Scandinavia's SAS, 20pc.
That values Bmi at £457m and Bishop's stake at £229m, though any deal would be adjusted for inflation. Bishop has until June 2009 to exercise his put option to sell his stake in Bmi to Lufthansa.
Both Virgin and British Airways have expressed interest in acquiring Bmi.
20/01/08 Mark Kleinman/Telegraph.co.uk, United Kingdom

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Categories: Airports Jan 2008, Foreign Jan 2008, Jet Airways Jan 2008, New Jan 2008