Deutsche Lufthansa AG, Austrian Airlines AG and Österreichische Industrieholding AG (ÖIAG) on Sept. 3 executed the successful take over of Austrian Airlines AG by Deutsche Lufthansa AG. All conditions necessary for the transaction have been duly fulfilled. As of this month, Austrian Airlines will become part of the Lufthansa Group. The European Commission had previously given the green light for the merger of Lufthansa and Austrian Airlines, and approved a restructuring aid to be made by ÖIAG in the amount of $700 million. Both were granted under conditions that were economically acceptable. The shareholders of Austrian Airlines AG, who offered their shares for sale by May 11, 2009, and did not exercise the right to withdraw that was granted in the meantime, will be paid the offer price of 4.49 euros ($6.42) per share. In total, Lufthansa will pay for the 36,959,414 shares a sum of about 166 million euros ($237 million) to the shareholders. Including shares that were previously held by ÖIAG and shares that have already been submitted within the ongoing extension of the additional acceptance period, Lufthansa will hold more than 90 percent of the shares in Austrian Airlines AG through ÖLH Österreichische Luftverkehrs-Holding-GmbH. ÖLH will prepare to carry out all necessary steps to squeeze out the rest of the minority shareholders. For more information, visit www.lufthansa.com.

Reader Comments

login or register to comment

     

Share:

More Headlines Like This ...