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Lufthansa completes takeover of Austrian Airlines

4-Sep-2009 8:43 AM

Lufthansa, Austrian Airlines and Osterreichische Industrieholding AG (OIAG) executed (03-Sep-2009) the successful take over of Austrian Airlines by Lufthansa. All conditions precedent of the transaction have been duly fulfilled, with Austrian Airlines becoming part of the Lufthansa Group as of this month. The European Commission had previously granted approval to the deal and approved EUR500 million in restructuring aid by OIAG. Lufthansa has received over 90% of the shares in Austrian Airlines, acquiring just under 37 million shares for EUR166 million through Osterreichische Luftverkehrs-Holding (OLH). [more]