Etihad bails out airberlin with $94.9m cash injection

Etihad Airways yesterday rescued the debt-ridden airberlin by investing $94.9 million (Dh348.51 million) that raises its stake in the second biggest German airline to 29.21 per cent and gives the UAE flag carrier access to a large number of European destinations. The new investment increases the Abu Dhabi-based airline's stake in airberlin from 2.99 per cent to become single largest shareholder in Europe's sixth biggest airline. The deal ensures Etihad passengers get access to 269 destinations either directly or with partner airlines. Etihad Airways and airberlin carry a combined total of more than 40 million passengers a year, operate 233 aircraft, and employ 18,000 people. Together, the companies generate more than $9 billion in revenues.