Exclusive-Turkish Airlines explores Air Europa stake as bid deadline looms
LONDON (Reuters) -Turkish Airlines is exploring making a bid for a minority stake in Air Europa, the latest carrier to express interest in the Spanish airline, according to two sources with knowledge of the deal, with binding bids due in the coming weeks.
Interested investors have been asked to submit binding bids by early July, one of the sources and two more said. The sources declined to be identified because the terms are confidential.
Turkish Airlines' consideration of a bid is significant as there are few examples of carriers outside Europe buying shares in players in the region. The interest has been reported by Spanish online newspaper El Espanol. The deadline for binding bids has not previously been reported.
Air France KLM and Lufthansa are also in talks with Globalia, the holding company of the family Hidalgo that founded the company, about buying a stake, Reuters reported previously.
The airline makes just over a quarter of its revenues from Europe. It has a codeshare agreement with Air Europa.
Turkish Airlines did not immediately respond to requests for comment, while its shareholder Turkey's Wealth Fund declined to comment.
A representative for Globalia and the Hidalgo family said they did not want to comment on an ongoing operation because of confidentiality issues. Lufthansa declined to comment. An Air France-KLM spokesperson said the airline is interested in reinforcing its longstanding cooperation with Air Europa.
NEXT PHASE OF LONG PROCESS
Binding bids would mark the next phase of a prolonged sale process as Air Europa seeks to raise cash to repay a government loan granted during the pandemic. A previous plan had aimed for binding bids in May, two of the sources said.
The process has faced delays due in part to disagreements between members of the Hidalgo family and concerns from interested airlines on the structure of the deal, according to the two sources and a fourth one said.
The interested parties are working with advisers to structure bids in the hope that buying a minority stake of about 20% may put them in a better position to take control of the airline in the future, the two sources added.
Some potential suitors have expressed concern over a lack of clarity about how they may be able to do that, according to the fourth person with knowledge of the talks.
Last year, BA-owner IAG which has a 20% stake, abandoned a deal to take full ownership of the airline after regulators raised issues over competition given its ownership of Spanish carrier Iberia. It also owns Vueling and Aer Lingus.
Pressure has mounted on airlines to consolidate in Europe to better compete with major global rivals from the United States and the Middle East. Many are focusing on the most popular routes in southern Europe as a target for expansion.
Air Europa flies within Spain and between Madrid and large cities in Europe and Latin America.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Insurer Suncorp's full-year profit up 8%, announces $262 million share buyback
(Reuters) -Australian insurer Suncorp reported a better-than-expected full-year cash earnings on Thursday, driven by improved underlying insurance margins and higher investment returns, and announced a share buyback plan of up to A$400 million ($261.72 million). The general insurer's underlying insurance trading ratio, a key profitability indicator, ticked 8 basis points higher to 11.9% in the year to June 30, while net investment returns jumped 16% to A$766 million. Natural hazard costs came in at A$1.36 billion, more than A$200 million below its allowance for the year. As a result, the general insurer's cash earnings jumped to A$1.49 billion for the year ended June 30, ahead of the Visible Alpha consensus estimate of A$1.47 billion and last year's A$1.37 billion. The Brisbane-headquartered firm declared a final dividend of 49 Australian cents per share, up from 44 Australian cents per share last year. ($1 = 1.5284 Australian dollars)
Yahoo
17 minutes ago
- Yahoo
NBA approves $6.1bn sale of Boston Celtics
The NBA on Wednesday approved the sale of the Boston Celtics to an investment group led by Bill Chisholm, five months after the deal worth a then-record $6.1 billion was agreed. "The NBA Board of Governors has unanimously approved the sale of the controlling interests in the Boston Celtics to an investor group led by Bill Chisholm," the league said in a brief statement. "The transaction is expected to close shortly." Chisholm is the managing director and co-founder of Symphony Technology Group. When he and his co-investors agreed to purchase the storied Celtics franchise "at an initial valuation of $6.1 billion," that was the highest ever offered for a North American sports team. It has since been surpassed by the $10 billion sale, in June, of the Los Angeles Lakers by the Buss family to billionaire Mark Walter. When the Celtics sale was announced, it was stated that Wyc Grousbeck would continue in his roles of chief executive officer and governor, overseeing team operations through the 2027-28 season. The Grousbeck family and Steve Pagliuca purchased the Celtics for $360 million in 2002. But US media reported this week that Chisholm -- a Massachusetts native who calls himself a "die-hard Celtics fan" -- will assume the role of governor because under the terms of the deal, Grousbeck will no longer have the required 15% ownership stake the league requires to hold that role. Nevertheless, ESPN reported that Chisholm and Grousbeck "plan to run the team together as originally planned." The Celtics are one of the most storied in the NBA's history, with a record 18 championships, the most recent in 2024. bb/ksb
Yahoo
an hour ago
- Yahoo
Cybin Reports Important Progress on Key Milestones and First Quarter Fiscal Year 2026 Financial Results
Cybin continues to make significant progress on its journey to bring breakthrough therapies to patients by delivering on the following key milestones - Received European and United Kingdom Medical and Healthcare Products Regulatory Agency ("MHRA") approval for EMBRACE, the Company's second pivotal study evaluating CYB003 for the adjunctive treatment of Major Depressive Disorder ("MDD") on schedule - - EMBRACE study to enroll 330 participants at approximately 60 clinical sites across the United States, United Kingdom, Europe, and Australia1 - - Completion of patient enrollment in CYB004 Phase 2 study in General Anxiety Disorder expected in August 20251 - - Recent financing agreement of US$50 million principal amount of convertible debentures will advance clinical pipeline programs - - Cash totaled US$118.7 million as of June 30, 2025 - This news release constitutes a "designated news release" for the purposes of Cybin's prospectus supplement dated February 10, 2025, to its short form base shelf prospectus dated August 17, 2023, as amended December 22, 2023, April 8, 2024, and January 6, 2025. TORONTO, August 13, 2025--(BUSINESS WIRE)--Cybin Inc. (NYSE American:CYBN) (Cboe Canada CA:CYBN) ("Cybin" or the "Company"), a clinical-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options, today reported unaudited financial results for its first quarter ended June 30, 2025, and is pleased to provide an update on key business milestones. "With our recently announced funding agreement in place, we are well positioned to continue advancing our lead clinical programs, CYB003 and CYB004, through multiple inflection points," said Doug Drysdale, Chief Executive Officer of Cybin. "Gaining European CTA approval and MHRA approval to commence EMBRACE in the UK has enabled us to expand our multinational Phase 3 PARADIGM program evaluating CYB003 for the potential adjunctive treatment of major depressive disorder. PARADIGM is a significantly larger program than the completed Phase 2 study, with anticipated combined enrollment of approximately 550 participants. Our Phase 3 studies will evaluate the potential clinical benefits of CYB003 in patients living with moderate to severe MDD, and whose symptoms are uncontrolled with existing antidepressant treatment. Our Phase 2 study evaluating CYB004 in generalized anxiety disorder is expected to complete patient enrollment this month." "Cybin is in a strong position to advance our programs and continue our work to deliver innovative therapies to address some of the most challenging mental health disorders we face today and is helping to build momentum across the sector - both from a clinical and regulatory perspective," concluded Drysdale. Recent Business and Pipeline Highlights: Received European approval and MHRA approval for EMBRACE, the second Phase 3 study within the PARADIGM program evaluating CYB003 for the adjunctive treatment of MDD, on schedule. The Company has received CTA approval from the Irish Medicines Board for the EMBRACE study in Ireland, Poland, and Greece, as well as approval from the MHRA. EMBRACE is a 12-week, randomized, double-blind, placebo-controlled study in 330 participants with moderate to severe MDD (MADRS≥24) who are on a stable dose of antidepressant medication but with inadequate response. EMBRACE will evaluate two doses of CYB003 (8 mg, 16 mg) three weeks apart, compared to an inactive placebo. The primary endpoint is change in depressive symptoms as measured by the change in MADRS from baseline six weeks after the first dose. Making strong progress on CYB003 development through the APPROACH and EXTEND studies. Dosing is currently ongoing in the first pivotal study, APPROACH, which is expected to enroll 220 patients across 45 U.S. clinical sites. We are pleased to report that patient rollovers continue into EXTEND, the long-term extension study. Clinical Program Summary CYB003: Deuterated psilocin program Phase 3 PARADIGM program is underway, with topline data from first pivotal study, APPROACH, expected in 20261. CYB003 program accomplishments: Received Breakthrough Therapy Designation from the U.S. Food and Drug Administration for the adjunctive treatment of MDD. A completed Phase 2 study of CYB003 in MDD demonstrated durability of effect at 12 months: 100% of participants receiving two doses of 16 mg were responders. 71% of participants receiving two doses of 16 mg were in remission. Mean change from baseline in MADRS was approximately -23 points after two 16 mg doses. CYB004: Deuterated dimethyltryptamine program The Phase 2 CYB004 study is a randomized, double-blind study evaluating the safety and efficacy of CYB004 in participants with generalized anxiety disorder, with concomitant antidepressant/anxiolytic treatment and co-morbid depression allowed. Patient enrollment is expected to be completed this month1. Change in Presentation Currency Effective April 1, 2025, the Company changed its presentation currency from the Canadian dollar to the United States dollar ("USD"). The change in presentation currency was made to better reflect the Company's operations, align with the currency in which the majority of cash-based expenses are denominated, and improve comparability of its financial results with other publicly traded businesses in the industry. As a result, all amounts presented in this press release are in USD unless otherwise stated. First-Quarter Financial Highlights Cash totaled $118.7 million as of June 30, 2025. Net loss was $24.6 million for the quarter ended June 30, 2025, compared to a net loss of $10.8 million in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled $23.9 million for the quarter ended June 30, 2025, compared to $11.9 million, in the same period last year. Cash flows used in operating activities were $29.5 million for the quarter ended June 30, 2025, compared to $19.9 million in the same period last year. About Cybin Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions. With promising proof-of-concept data, Cybin is working to change the mental health treatment landscape through the introduction of intermittent treatments that provide long lasting results. The Company is currently developing CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for the adjunctive treatment of major depressive disorder and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder. The Company also has a research pipeline of investigational, 5-HT-receptor focused compounds. Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For Company updates and to learn more about Cybin, visit or follow the team on X, LinkedIn, YouTube and Instagram. Note: There is no assurance that timelines will be met. Anticipated timelines regarding the initiation, advancement and results of clinical trials are based on reasonable assumptions informed by current knowledge and information available to the Company. See "Cautionary Notes and Forward-Looking Statements". Cautionary Notes and Forward-Looking Statements Certain statements in this news release relating to the Company are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements") and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "potential", "possible", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the EMBRACE study to enroll 330 participants at approximately 60 clinical sites across the United States, United Kingdom, Europe, and Australia; the Company's expectation to enroll 220 participants at approximately 45 clinical sites across the United States for the APPROACH study; the Company's expectation to complete enrollment in CYB004 Phase 2 study in August 2025; the Company's expectation to receive topline data from APPROACH in 2026; and the Company's plans to engineer proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health conditions. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; implications of disease outbreaks on the Company's operations; and the risk factors set out in each of the Company's management's discussion and analysis for the three months ended June 30, 2025, and the Company's annual information form for the year ended March 31, 2025, which are available under the Company's profile on SEDAR+ at and with the U.S. Securities and Exchange Commission on EDGAR at Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Cybin makes no medical, treatment or health benefit claims about Cybin's proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin's performance and operations. Neither Cboe Canada, nor the NYSE American LLC stock exchange have approved or disapproved the contents of this news release and are not responsible for the adequacy and accuracy of the contents herein. View source version on Contacts Investor & Media Contact: Gabriel FahelChief Legal OfficerCybin Inc.1-866-292-4601irteam@ – or – media@
