Lufthansa says purchase of Austrian Airlines complete

Lufthansa says purchase of Austrian Airlines complete

Frankfurt: The leading German airline, Lufthansa, said on Thursday it had completed the purchase of Austrian Airlines (AUA) following approval of the deal by the European Commission last month.

Lufthansa now owns more than 90% of the shares in AUA, a statement said.

Outstanding shares in the Austrian carrier could be sold to Lufthansa until 9 September it added.

Following several months of uncertainty, the EU Commission approved the sale of AUA to Lufthansa and €500 million ($715 million) in state aid by Vienna that represented one-third of the Austrian airline’s debt.

In exchange, Lufthansa agreed to concessions on several of the destinations it serves.

The German carrier has been actively buying smaller rivals and hopes to become the biggest European airline ahead of Air France-KLM.