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Lufthansa Seeks Austrian Air Deal Extension, Sees Antitrust OK
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German flag airline Deutsche Lufthansa AG (LHA.XE) said Tuesday it has requested an extension of its takeover offer for Austrian Airlines AG (AUA.VI), saying European Union antitrust approval for the deal is in the offing but unlikely to be granted by the original deadline of July 31.
It has asked the Austrian takeover commission to extend its offer for Austrian Airlines by a month to Aug. 31.
The company said an agreement with the European Commission over antitrust approval "is emerging", but added that "formal clearance" for the takeover as well as for a EUR500 million restructuring aid the Austrian government would pay to Austrian Airlines cannot occur in due time anymore.
In a separate statement, the European Commission Tuesday said Lufthansa has made a new antitrust offer to ensure that all competition concerns are met.
The E.U.'s top antitrust authority added it will now "market test" this proposal, asking competitors and other affected parties whether the offer is sufficient to remove competition bottlenecks.
New York, NY |
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