In return, British Airways is entitled to 25% of any profits made by Deutsche BA
until June 2006.
According to the chairman of Deutsche BA
, the company will now consider other bids for the airline, reported The Associated Press.
But talks this week between Deutsche BA
and pilots failed to find a solution.
EasyJet blamed conditions in the German aviation market and a failure to agree employment terms with Deutsche BA
He said: ``The rationale for the option to acquire Deutsche BA
remains valid, but easyJet has to be certain that its business model can be fully applied before deciding whether to exercise the option.
British no-frills airlines easyJet moved a step closer to expanding into Europe's biggest domestic air-travel market yesterday when the German competition watchdog gave it clearance to acquire Deutsche BA
Bosses at easyJet, which operates a key hub at Liverpool John Lennon airport, have also entered an agreement to buy German carrier Deutsche BA
Yesterday it announced it had agreed an option to buy BA's German subsidiary Deutsche BA
at any time up to the end of March next year in a deal worth about pounds 30m.
Addressing easyJet's annual general meeting in Luton, Sir Colin also commented on recent speculation over a possible takeover of BA's loss-making German subsidiary, Deutsche BA
British no-frills carrier easyJet has reportedly received approval from the German competition watchdog to acquire Deutsche BA
Earlier this month easyJet also agreed a deal with BA to buy its German subsidiary Deutsche BA
before May next year.
The agreement gives easyJet the option to acquire Deutsche BA
at any time up to 3 July 2003.