El Al in talks to acquire Israir

El Al Israel Airlines Ltd. confirmed reports that it is in talks to acquire Israir Airlines and Tourism Ltd. a charter airline valued at $38 million at the end of 2010
 
El Al Israel Airlines Ltd. confirmed last week's reports that it is in talks to acquire Israir Airlines and Tourism Ltd. a charter airline valued at $38 million at the end of 2010, from Nochi Dankner-controlled IDB Tourism Ltd.
 
The talks are reportedly still in the early stages, and the acquisition would have to be approved by the Antitrust Authority.
 
The media in Israel noted that the reason for the talks is that El Al is looking for an alternative to its charter subsidiary Sun D'Or International Airlines Ltd..
 
The latter was shut down after the Israel Civil Aviation Authority revoked its operating license following a complaint by the EU Commission for Aviation that Sun D'Or was not an independent carrier. The EU said that Sun D'Or only used El Al planes and crews. Israir would be an alternative charter carrier.
 
In a notice to the Tel Aviv Stocks Exchange, El Al said, “In line with the company's business strategy to expand its business operations… from time to time it examines various options for collaborations with aviation and tourism companies”.