Etihad is looking to sign banks to advise on the selling of its stake in troubled German carrier Air Berlin, according to a report by Bloomberg.
Air Berlin last month announced a record loss of €782 million (AED 3.19 billion) for 2016. Etihad has a 29.12 percent stake in the airline.
A possible suitor might emerge in the form of Germany’s other carrier.
Lufthansa CEO Carsten Spohr was in Abu Dhabi last month when he offered to buy Air Berlin, provided Abu Dhabi settled the carrier’s debts.
Air Berlin has a market capitalization of 109 million euros ($122 million), according to Bloomberg’s figures, valuing Etihad’s stake at 32 million euros. Its total exposure, including loans and bond purchases, is much higher, at close to 2 billion euros.Â
Abu Dhabi-based Etihad is undergoing a wide-scale review of its equity partner business, fostered under former CEO James Hogan, but which failed to deliver results.
Hogan himself will leave the company this year, being replaced by intermin CEOÂ Ray Gammell. The group also announced Robin Kamark would now head its equity partner business after previous chief Bruno Matheu announced he would be leaving for “personal reasons”.