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Branson to Start Low-Cost U.S. Carrier

IN BRIEF / AIRLINES

July 17, 2003|From Bloomberg News

Richard Branson, the British billionaire entrepreneur who founded Virgin Group Ltd., plans to begin operating a low-cost airline in the U.S. in the first half of next year to take advantage of growing demand for budget travel.

Branson wants a 49% stake in the carrier, he said, with a number of institutional investors owning the rest.

His voting stake would be restricted to 25% to conform with U.S. law that limits foreign ownership of domestic airlines.

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