Lufthansa flies closer to takeover of Austrian

Lufthansa took a first step towards the takeover of Austrian Airlines as Austria’s state holding company approved the sale of its 41.6 per cent stake in the airline to the German carrier, December 2008.

On the 11 February 2009 the European Commission decided to open a formal investigation procedure into the privatisation and restructuring of Austrian Airlines whereby it will be taken over by Lufthansa. The Commission expressed doubts that the price to be paid by Lufthansa reflects the market price for what is being sold, that the Austrian State has acted as private investor and whether the restructuring plan as notified is in accordance with the Community framework for rescue and restructuring of firms in difficulty.

European Commission: Press Release: IP/09/248: Austrian Airlines: The Commission opens the formal investigation procedure regarding its sale to Lufthansa and plans of Austrian Government for its restructuring http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/248&format=PDF&aged=0&language=EN&guiLanguage=en

Deutsche Welle, 12.2.09: EU to Investigate Lufthansa Buyout of Austrian Airlines http://www.dw-world.de/dw/article/0,,4021419,00.html

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