Patrick Hosking: Business Commentary
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Sir Michael Bishop is finally disembarking. The chairman of bmi, formerly British Midland, yesterday sold his remaining 50 per cent stake in the airline to Lufthansa for £318million.
Sir Michael, 66, has piloted the business through blue skies and turbulence since 1964, when his rival Sir Richard Branson was still playing with paper darts.
He expanded the airline into a major player carrying 11 million passengers last year, while preserving some of the most coveted take-off slots in aviation.
Lufthansa is paying through the nose, meeting a price agreed in happier times. If Lufthansa emerges as a stronger competitor to BA, with or without co-operation from Branson, that's no bad epitaph.
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