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Remaining minority shareholders of Austrian Airlines to receive EUR0.50/share

26-Oct-2009 8:32 AM

Austrian Airlines Executive Board and the carrier's majority shareholder, ÖLH Österreichische Luftverkehrs-Holding-GmbH (ÖLH), jointly agreed (23-Oct-2009) on appropriate cash compensation of EUR0.50/per share in a "squeeze out" of the remaining shareholders of Austrian Airlines. The adequacy of this cash compensation still has to be verified by the Board of Directors of Austrian Airlines. A decision endorsing the squeeze out will be taken by an extraordinary shareholder meeting, which will be held in mid-Dec-2009. The minority shareholders of Austrian Airlines will receive cash compensation for their shares in conformity with the law after notification of the squeeze out has been entered in the commercial register, with this likely to occurin 1H2010. Lufthansa already holds 95.4% of the share capital of Austrian Airlines through ÖLH. [more]