Lufthansa and TUI are forced to reconsider their strategic options following last month's surprise deal involving Air Berlin, Condor and Thomas Cook group. Under the arrangement, Air Berlin will take control of Condor in two steps in 2009 and 2010, while Condor majority owner Thomas Cook will be compensated with Air Berlin shares totaling up to a 29.99% stake in the airline. The new conglomerate will be a major competitor for Lufthansa in the German air transport market and a serious rival for more upscale low-fare carriers such as Easy-Jet. Lufthansa late last month waived its right of first refusal to buy back its former subsidiary Condor.
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