This article from NYTimes.com has been sent to you by psa188@xxxxxxxxx /-------------------- advertisement -----------------------\ Explore more of Starbucks at Starbucks.com. http://www.starbucks.com/default.asp?ci=1015 \----------------------------------------------------------/ Virgin Express Resumes Talks for SN Brussels September 15, 2003 By BLOOMBERG NEWS By Bloomberg News The Virgin Group is in talks with an investment bank about a merger between Virgin Express and SN Brussels Airlines 18 months after a planned tie-up between the two Belgian carriers failed. "Informal discussions are at a very early stage," Virgin Express, which is majority owned by Richard Branson's Virgin Group, said in a statement from Brussels. The bank recently approached Virgin Group and SN Air Holding, the parent company of SN Brussels Airlines, to propose a merger between the two units, according to Virgin Express. "The door remains open, but everything will depend on the proposal," said Yves Panneels, a Virgin Express spokesman. Earlier this month, Virgin Express reported a 96 percent drop in second-quarter profit to 117,000 euros ($132,000) because of fare cuts meant to lure customers who had been deterred from flying by the weakness of the economy and the threat of terrorism. "We are working in a difficult environment, but we are cutting costs and have a strong customer base," Mr. Panneels said. "We are not actively seeking to merge." SN Brussels Airlines posted a second-quarter profit of 2.9 million euros, the company's first profit since it was set up as the successor to the bankrupt Sabena in January 2002. Virgin Express said various intermediaries had proposed a renewed effort to merge with SN Brussels Airlines since the earlier bid failed in February 2002. "Since the merger talks ended last year, we have been contacted by several financial organizations, including banks and consulting groups, about a merger with SN Brussels Airlines," he said. "There has been no serious proposal put on the table." http://www.nytimes.com/2003/09/15/business/worldbusiness/15AIR.html?ex=1064631080&ei=1&en=4708a6e92dee1ad0 --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://www.nytimes.com/ads/nytcirc/index.html HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2003 The New York Times Company