13-Jul-2009 1:50 PM
Austrian Airlines slumps as “miracle” required for EC approval of Lufthansa’s takeover proposal
Analysis
Austrian Airlines' shares slumped 13.1% on Friday, after the European Commission (EC) rejected Lufthansa's new informal proposal of antitrust remedies, regarding its proposed takeover of the carrier. The EC stated that the revised remedies were "worse than what was offered before" and that Lufthansa has "taken one step forward and two steps backward" in its offer.
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