Airtours bosses divided over disputing Brussels' veto of First Choice bid
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Your support makes all the difference.THE SENIOR management of Airtours, the UK's second largest holiday firm, is divided over whether it should press ahead with an appeal against the European Commission's decision to block its bid for First Choice, the UK number four.
David Crossland, Airtours' chairman, said yesterday: "We have debated the matter with both the board and management and we have reached no firm decision yet ... We are not necessarily all in agreement with each other."
Mr Crossland said the decision on whether to take the matter to the European Court would have to be made by 2 December. He said if the company did decide to mount an appeal against the ruling, which was made on 22 September and which blocked Airtours' pounds 850m bid for First Choice, the process would take two to three years. He added that it would cost the company about pounds 1m a year.
Mr Crossland pointed out that the decision on whether to appeal was "not about First Choice". He said: "In two to three years time, the likelihood is that First Choice will be a completely different company and so will we."
He said if Airtours did decide to fight the Commission, it would be to overturn the precedent set by the competition body which allows mergers between European companies to be blocked because they could create a potential oligopoly.
Mr Crossland also hinted that Tim Byrne has been identified as his successor following yesterday's announcement that Mr Byrne, the group finance director, is to take over as managing director of the company upon the retirement of Harry Coe, also announced yesterday.
Mr Crossland said: "The vast majority of UK companies are well run, but they ignore the issue of succession. We have a succession policy."
Mr Byrne confirmed that he would like the job. "Of course. I am ambitious," he said.
Airtours yesterday reported full-year profits up 12 per cent at pounds 156.5m before tax and exceptionals on turnover up 23 per cent at pounds 3.77bn.
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