2008-12-08 - Lufthansa AUA takeoverLufthansa signs for Ausrian takeover

AUA wird von Lufthansa übernommenOn 5 November, the Supervisory Board of ÖIAG gave a green light to the sale to Lufthansa of ÖIAGs 41.56 percent share in Austrian Airlines.

AUA+LH-Tails Bild (Standa

Lufthansa has agreed to take over Austrian Airlines (Photo: Lufthansa)  


AUA wird von Lufthansa übernommen
On 5 November, the Supervisory Board of ÖIAG gave a green light to the sale to Lufthansa of ÖIAGs 41.56 percent share in Austrian Airlines. The signing of the contract took place after a meeting of the Supervisory Board of ÖIAG. The acceptance of the Lufthansa bid is the result of a bidding process launched on 13 August 2008 in accordance with EU privatisation guidelines. The process was structured and carried out by ÖIAG and investment bank Merrill Lynch.
 made the following statement about the conclusion of the transaction: The sale we have concluded today is the right decision both for Austrian Airlines and for the business location surrounding Vienna International Airport in general. Partnership with Lufthansa consolidates the status of Austrian Airlines as a leading carrier in Central and Eastern Europe. At the same time, Austrian Airlines will remain a legally independent company, with its head office in Austria and its own brand, crew and fleet. In addition to this, the Lufthansa concept provides for the preservation of the long-haul connections that are so important for the location. The affiliation between Lufthansa and Austrian Airlines therefore offers stability and opportunities for the Vienna hub and for the location as a whole. The Austrian core shareholder structures are to be created by means of a private foundation, the role of which will be to safeguard Austrian interests. ÖIAG has therefore fulfilled the privatisation mandate issued by the Federal Government, and the bidding process, while in turbulent circumstances, has served to produce a desirable result.
emphasised the benefits for both airlines and the location: We also want to be quite clear about one thing, however: Austrian Airlines must become profitable again. If it is to do this, all those involved must make a contribution. We are making a considerable commitment with the transaction announced today  and are happy to do so. The Austrian Federal Government has also announced its intention to offer support. We also expect this solidarity and responsibility for the future of Austrian Airlines from all other partners, as only in this way can we build a strong, long-term perspective for this well-established airline. The Lufthansa family is very much looking forward to the arrival of Austrian. The two companies already know one another from their successful cooperation in recent years as partners within the Star Alliance. We are all extremely proud to have been selected in the course of the bidding process, and look forward with excitement and confidence to building a successful future together. Total synergies on the revenue and costs side are estimated at around EUR 80 million p.a.
Lufthansa will acquire all of ÖIAGs shares in Austrian Airlines at a price of EUR 366,268.75. ÖIAG will also receive a debtor warrant providing for a profit share based on the economic development of Austrian Airlines and the share price of Lufthansa compared to other airlines after three years. The maximum revenue from the debtor warrant is EUR 162 million, and corresponds to the price of the public takeover offer. At the same time, Lufthansa will receive a payment of EUR 500 million to compensate for the negative shareholder value of Austrian Airlines. As Lufthansa announced on 3 December, the company expects to submit a takeover offer to all shareholders in Austrian Airlines in the spring of 2009 at the average share price for the past six months of EUR 4.44 per share. This takeover offer depends on the fulfilment of defined conditions, the probability of which cannot be estimated at this point. The aim is to take over a majority shareholding in Austrian Airlines.

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