Russian Aeroflot to buy competitor Transaero for 1 rubleSeptember 2, 2015 - 14:48 AMT PanARMENIAN.Net - Russia’s largest airline, state-controlled Aeroflot, will take control of the country’s No. 2 carrier Transaero in a government-brokered deal to stave off bankruptcy at the heavily indebted company, The Wall Street Journal reports. Aeroflot Group, which says it already controls 37% of the Russian market, will restructure Transaero, which accounts for 14.4% of the country’s passenger traffic, and merge it into its group of companies. Transaero has struggled with heavy debts as Russians have cut foreign travel as the country’s economy is in recession and the ruble has lost around half of its value in the past year. “It is a mild form of nationalization of the struggling company. Which is very sensible as it is a huge headache for any country to bankrupt an air carrier. A handover of the company into the arms of a carrier, which is close to the state, looks logical,” Boris Rybak, chief executive at aviation consultancy firm Infomost Consulting said, according to the WSJ. According to the official RIA news agency, the deal is for a symbolic 1 ruble. Both companies declined to comment on the deal price. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |