In Business This Week
CONTINENTAL DRAWS MORE SUITORS
Continental Airlines is attracting even more attention. On Sept. 16, Germany's Lufthansa and Los Angeles investor Marvin Davis jointly submitted a $400 million bid for the carrier. It's the fourth offer for Continental, and it exactly matches what had been the front-running proposal: one from Air Canada and Texas investors Air Partners (page 55).
Like British Airways and KLM, Lufthansa wants a U.S. carrier to feed passengers into its transatlantic routes. And Davis, who would own 51% of the airline, believes a strong international partner is just what Continental needs. The two bidders say they'll make a more formal offer after looking at Continental's books.EDITED BY HARRIS COLLINGWOOD