Brussels Airlines looking beyond Lufthansa- paper

BRUSSELS, Sept 4 (Reuters) - Shareholders in Brussels Airlines believe the carrier is worth at least 200 million euros ($290.4 million) and are looking at other potential partners than Lufthansa (LHAG.DE), a Belgian magazine said on Thursday.

Deutsche Lufthansa AG, Europe's second-largest airline, said last week it planned to pay 65 million euros for a 45 percent stake in Brussels Airlines with the option to buy all of the company in two years.

The price of this option would depend on the future performance of Brussels Airlines.

Belgian weekly magazine Trends said on Thursday the Belgian carrier was negotiating with various airline partners and believed its purchase by Lufthansa was not a done deal.

"The ideal partner would offer a business strategy in which Brussels Airlines could fulfil an independent role," Trends said.

A Brussels Airlines spokesman declined to comment on the report beyond saying negotiations between its parent company SN Airholding and Lufthansa were continuing with a view to reaching a definitive deal in the coming weeks.

Brussels Airlines was created in 2006 by merging Richard Branson's budget carrier Virgin Express and SN Brussels Airlines, the successor of the country's state airline Sabena. Belgian companies hold 70 percent, Virgin the rest.

It carried 5.8 million passengers in 2007, a modest increase on 2006. Its revenue increased by 2 percent to 903 million euros and its consolidated net profit shot up 66 percent to 23.1 million euros. (Writing by Philip Blenkinsop; Editing by David Holmes)