Zurich up, Vienna down as Lufthansa makes highly conditional bid for Austrian - share wrap

Vienna Airport shares slid 4% as Lufthansa submitted its take-over offer for Austrian Airlines, but warned the offer (which expires on 11-May-09) is conditional on the European Commission granting anti-trust approval and allowing a EUR500 million restructuring grant to be made by the Austrian Government.

Investors may be nervous a Lufthansa-led rescue mission could result in reductions in capacity at Vienna as Austrian is restructured within the Lufthansa Group. Investors jumped on board nearby Zurich Airport (+4.3%), whose main carrier, SWISS is now well entrenched in the Lufthansa operation.

Selected airports daily share price movements (% change): 27-Feb-09