Branson to Start Low-Cost U.S. Carrier
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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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