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Green Light for Austrian Airlines - Lufthansa Merger

Search ASIA Travel Tips .com Latest Travel News Send to Friend Monday, 31 August 2009

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 aid).

 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.

 In total, 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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