Lufthansa plans buyout of remaining share capital in Austrian Airlines
Lufthansa announced yesterday that it now owns 92.11% of Austrian Airlines’ share capital.
The German carrier is set to squeeze out the remaining shares, having reached the 90% ownership requirement of the Vienna Stock Exchange. Lufthansa filed a buyout offer of EUR4.49 per share to acquire the remaining shares.
The European Commission approved the takeover by the German carrier on 28-Aug-09, when Austrian Airlines' shareholders offered a total of over 75% of the necessary shares for sale, meeting Lufthansa’s preconditions for the merger. The merger was initially scheduled to be closed within ten stock exchange trading days.
British Airways set to launch all Business to New York
Elsewhere, British Airways’ shares gained 1.0% yesterday, as the London FSTE closed 1.64% higher. The British carrier is set to launch all Business-class A318 London-New York service on 29-Sep-09.
Shares in Air France-KLM jumped (+4.2%), SAS gained (+0.7%), Finnair dropped (-2.9%), Aer Lingus (-1.0%) and Iberia dipped (-1.2%), while El Al closed flat.
Europe selected airlines daily share price movements (% change): 28-Sep-09
Source: Centre for Asia Pacific Aviation & Yahoo! Finance