Word: klaveren
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...Transport Association (IATA). More than 30 carriers from Hong Kong to the U.S. have gone under in 2008. Desperate to trim costs and bolster revenues, carriers are turning to mergers to survive, and nowhere is that happening more than in Europe. "The name of the game," says Geoff van Klaveren, an airlines analyst at Exane BNP Paribas in London, "is consolidation...
...beleaguered Italian flag carrier Alitalia - and the ever growing Lufthansa, an enlarged BA and Ryanair would mean "for most of the smaller network airlines who have a very weak balance sheet, they're going to have to fold into one of those four groups," says Exane BNP Paribas' Van Klaveren. Scandinavian Airlines (SAS), for one, "will survive 2009, but I doubt it can survive 2010 on its own," he says. And while banks or carmakers can be too big to fail, "the days of every country in Europe having their own national airline are gone...
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