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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. |