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Lufthansa Finalizes Takeover of Austrian AirlinesSeptember 3, 2009 By: Jena Tesse Fox
Deutsche Lufthansa AG, Austrian Airlines AG and Österreichische Industrieholding AG (ÖIAG) today executed the successful takeover of Austrian Airlines AG by Deutsche Lufthansa AG. All conditions precedent of the transaction have been duly fulfilled. Austrian Airlines will therefore become part of the Lufthansa Group as of this month.
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 $715 million. Both were granted under conditions that were economically acceptable to all parties.