The Supervisory Board of Lufthansa approved a bid to purchase up to 100 percent of the shares in Austrian Airlines. Lufthansa will initially acquire the 41.56 per cent share in Austrian Airlines held by Österreichische Industrieholding AG (ÖIAG). This share package is to be acquired at a price of about $461,526. In addition, Lufthansa will pay a sum of up to $205 million depending on Austrian Airlines’ economic performance and the Lufthansa share outperforming its competitors. The ÖIAG Supervisory Board meets December 5 and antitrust approval is still needed.
“Gaining the support of our Supervisory Board for the acquisition of Austrian Airlines is an important step which paves the way for ÖIAG, the government in Vienna and the European Commission to make their decisions following due consideration of the transaction," said Wolfgang Mayrhuber, CEO of Lufthansa Group. "Our bid is fair. It takes the interests of all those concerned into account and shares the encumbrances and risks fairly. The consequences of the financial markets crisis and its effects on the real economy also have a major impact on the aviation industry. Structural changes increase the likelihood of Lufthansa and Austrian Airlines sharing a brighter future.”
The potential merger comes shortly after Lufthansa took over bmi in October.