More than 85 percent of Austrian Airlines shareholders as of this week have accepted Lufthansa's bid to purchase the airline, paving the way for deal's completion this summer, though finalization still awaits European Commission approval.
The 85 percent figure includes an agreement in December for Lufthansa to purchase the Austrian government's 41.56 percent stake in Austrian Airlines, but does not yet account for a 3.45 percent share held by Austrian Airlines. Still, Lufthansa has surpassed the 75 percent threshold required for control, Austrian executive board member Peter Malanik said in a statement.
"By achieving the 75 percent threshold, we have fulfilled an essential condition in the takeover contract," Malanik said. "By doing so, we have passed another crucial milestone in the privatization process. We are confident we will be able to go ahead with the closing this summer."
Lufthansa vowed to press on with acquisitions and alliances as it detailed a first-quarter operating loss of €44 million against a profit of €216 million in the first quarter of 2008. Austrian Airlines said its sale to Lufthansa is "going ahead as planned" as it announced a loss of €88 million, compared with a loss of €60 million last time around
(BTNonline, May 6).