Tourism Industry News

EU to clear Lufthansa's takeover of Austrian Airlines

03/08/2009 14:11

LufthansaEuropean Union antitrust chief Neelie Kroes said Friday she intends to clear Deutsche Lufthansa AG's takeover of Austrian Airlines AG, though with conditions attached.


After talks earlier Friday, the German carrier offered further measures to allay competition concerns, the European Commission said. Lufthansa is proposing to pay €4.49 ($6.40) a share for Austrian Airlines' outstanding shares. The takeover also will receive help from the Austrian government in the form of €500 million in restructuring aid.


The airline already was offering to give up slots on five city routes flying out of Vienna to ensure that it passes the European Commission's competition scrutiny, according to a document seen by Dow Jones Newswires.


Get the full story at: eTurboNews


Photo copyright: Andras Deak




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