The European Commission has approved the merger
of the Austrian Airlines Group and Lufthansa, as well as the
contribution to be made by ÷sterreichische Industrieholding AG
(÷IAG) to the relief of Austrian Airlinesí debt (restructuring
This means there is no longer anything
standing in the way of the takeover of Austrian Airlines by
Lufthansa, or the conclusion of the transaction.
The closing will now take place within the next
10 stock exchange trading days, after which Austrian Airlines
becomes a member of Europe's largest airline alliance.
Membership of the strong Lufthansa alliance will
offer Austrian Airlines sustained long-term benefits. Austrian
Airlines will make use of the possibilities offered by cost
synergies such as joint purchasing of fuel and aircraft. On the
revenue side, Austrian Airlines will be given access to the
international route and sales network of the Lufthansa Group, and
consequently to new, high-value customer segments.
Lufthansa will be paying the free-float shareholders a sum of
about 166 million euros for their shares.
Last year the airlines of
the Lufthansa Group welcomed aboard 70.5 million passengers,
flying them to 242 destinations.
In 2008, 10.7 million passengers
flew with Austrian Airlines; the Austrian Airlines network
currently includes 120 destinations.
The Lufthansa Group operates a
fleet of 549 aircraft; Austrian Airlines currently
operates 91 aircraft.
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