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After Lufthansa and the shareholders of SN Airholding had agreed on the terms of the complete takeover, Deutsche Lufthansa AG’s Executive Board has decided to exercise the call option for the outstanding 55% of the shares. The call option came into effect in December 2016, while the closing of the transaction would happen by the beginning of January 2017.
The price mechanism for the takeover of the remaining 55% of the shares had already been part of the agreement for the call option in 2008. The price for the acquisition of the remaining 55% of the shares is 2.6 million Euros, which would be paid to a consortium of 30 shareholders.
Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG said, “Following the acquisition of the 45% share of SN Airholding eight years ago, we now want to take the next step in our already very solid and successful cooperation. As a longstanding shareholder and partner of Brussels Airlines, we are already closely linked to each other. Accordingly, we value Belgium and especially Brussels as highly attractive markets that perfectly complement our offer in the heart of Europe.”
Following the acquisition, Brussels Airlines would continue to operate its 23 long-haul destinations as well as 79 destinations within Europe under the umbrella of the Eurowings Group. The common goal of Lufthansa and Brussels Airlines is to further strengthen the market position in the Belgian Airline market.
Viscount Etienne Davignon, Chairman of the Board remarked, “Our sound and trustful collaboration with Lufthansa has proven its potential to jointly create perspectives. More than ever, consolidation in the aviation business is key. Joining the Lufthansa Group allows us to further increase synergies, while keeping our specific competencies. Together we are able to further strengthen our competitiveness within a tough market environment and develop our long-haul and short-haul operations. We will supplement the Lufthansa Group’s network with our important long-haul and transfer traffic to Africa and want to enhance our strong position.”
Sourse: travelnewsdigest.in
