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Mon, Dec 08, 2008

Lufthansa To Buy Major Stake In Austrian Airlines

Austrian State Holding Company Agrees To Sale

At a special board meeting on Friday, Austrian state holding company OeIAG voted to approve the sale and signed a 366,000 euro contract releasing its 41.56 percent stake in Austrian Airlines (AUA) to Lufthansa.

The contract provides for AUA to keep its long-distance routes, corporate name, and headquarters at the Vienna International Airport, where it is staffed with approximately 8,000 employees.

Lufthansa projects the merger will save the airlines nearly 80 million euros annually, Xinhua reported.

The new arrangement provides much-needed relief to the strapped AUA. Last July it announced estimated net losses of 70 million to 90 million euros for the year, adding to the 900 million in previous debts, which were partly due to huge increases in fuel costs.

With its partners Lauda Air and Austrian Arrows, AUA operates a fleet of 100 aircraft with 130 destinations worldwide.

FMI: www.austrianairlines.co.at/eng, www.lufthansa.com/online/portal/lh/us

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