Bank To Sell Blavatnik's Air Berlin Shares - Report

February 18, 2009

Shares of Air Berlin sold by US investor Len Blavatnik are parked at investment bank UBS and are for sale, Handelsblatt reported, citing industry and financial sources.

It was not immediately clear if UBS had bought the stake from Blavatnik or was acting on behalf of another seller.

Air Berlin said last month Blavatnik had sold his 18.9 percent stake in the carrier, leaving market participants guessing who bought the holding.

UBS was now aiming to find a buyer for the shares, the newspaper said. It cited a person familiar with the matter as saying the bank was seeking a "friendly major shareholder, who could be from the same industry".

The company's market value has dropped to EUR260 million euros (USD$328.8 million) from almost EUR700 million a year ago.

Handelsblatt said Air Berlin had approached the bank and indicated its interest in being involved in the sales process.

UBS declined to comment on the matter, and Air Berlin was not available for comment. The newspaper had cited a spokesman for Air Berlin as saying that information on the shares' location was the owners' concern, not the airline's.