lufthansa gives up on buying
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Austria's Niki

Lufthansa gives up on buying

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Lufthansa gives up on buying

Lufthansa drops Niki bid to calm EU concerns
Frankfurt - Emirates Voice

Austrian airline Niki faced insolvency and its planes being grounded Wednesday as Lufthansa gave up on plans to buy it from bankrupt Air Berlin in the face of competition concerns from the European Commission.

"Lufthansa informed Air Berlin and its insolvency managers that it will pursue the planned transaction without the purchase of Niki," the airline said in a statement.

Germany's second-largest carrier triggered bankruptcy proceedings in August after losing a cash lifeline from its biggest shareholder Etihad Airways.

Its aircraft were kept aloft by a 150-million-euro emergency loan from the German government while it negotiated the sale of its assets.

Meanwhile, Niki's aircraft have continued to fly as it is not subject to the same bankruptcy conditions as Air Berlin.

Wednesday's decision could pitch the airline into financial turbulence as it loses bridge financing from the German giant.

"We regret the Commission's decision on Niki very much," the German government said in a statement.

"There are no alternative buyers for Niki available at the moment despite all the efforts of the insolvency managers... insolvency and grounding will be the consequence," it added.

Air Berlin said in a statement Tuesday that prospective buyers IAG had withdrawn their interest in Niki, while there was also no workable offer from Thomas Cook, leaving Lufthansa as the group's only option for a sale.

For its part, the Commission said Lufthansa's move was "regrettable" and that withdrawing the bid completely "was not the only possible outcome".

But it added that Lufthansa’s hoped-for buyout of 81 aircraft from Air Berlin's 140-strong fleet plus Niki for 210 million euros ($250 million) takeover had presented "clear risks to Austrian, German and Swiss consumers and to effective competition".

Lufthansa had already offered to give up many of the precious takeoff and landing slots it originally wanted under the deal.

But "the Commission saw this step as unsatisfactory and signalled clearly that it could not allow taking over and integrating Niki into the Eurowings group," Lufthansa's low-cost subsidiary, the firm said.

The German group also offered Wednesday to give up further slots belonging to Air Berlin subsidiary LGW.

Brussels "will now limit its review to Lufthansa's proposed acquisition of LGW," the Commission said.

Source: AFP

GMT 05:06 2024 Tuesday ,06 February

New hunt for flight MH370 gets under way

GMT 10:28 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way

GMT 06:02 2018 Tuesday ,23 January

Europe brings on charm and blue skies

GMT 05:13 2018 Monday ,22 January

Airbus to get '10 years of visibility'

GMT 08:09 2018 Sunday ,21 January

Emirates throws Airbus A380 a lifeline

GMT 06:56 2018 Saturday ,20 January

Lebanon says foiled IS holiday attacks

GMT 05:21 2018 Friday ,19 January

Emirates announces $16 bn deal

GMT 07:23 2018 Thursday ,18 January

Philippine volcano 'fireworks' draw
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

lufthansa gives up on buying lufthansa gives up on buying

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

lufthansa gives up on buying lufthansa gives up on buying

 



GMT 05:17 2024 Wednesday ,07 February

Amazon to open first cashierless shop

GMT 10:08 2018 Wednesday ,24 January

Microsoft to open 4 data centres

GMT 19:57 2018 Tuesday ,23 January

Farm-fresh from Kerala to the UAE, in just one day

GMT 05:04 2024 Tuesday ,06 February

Skincare PR Performance Full Year 2017

GMT 00:50 2016 Sunday ,24 April

English Premier League standings

GMT 19:31 2017 Tuesday ,24 October

Hot sectors and in-demand jobs in UAE

GMT 13:02 2017 Wednesday ,04 October

Aramco launches strategic partnership with Malaysian

GMT 16:38 2017 Monday ,08 May

Man held in Oman over shooting

GMT 11:58 2017 Tuesday ,12 September

Hurricane Irma: International efforts in the Caribbean

GMT 08:22 2017 Saturday ,29 July

HM King congratulates Peruvian president

GMT 15:26 2017 Friday ,23 June

Penniless American in UAE

GMT 14:01 2016 Thursday ,19 May

EgyptAir Jet Disappears Over Mediterranean Sea

GMT 08:08 2018 Wednesday ,17 January

US opens London embassy after Trump snubs inauguration

GMT 02:19 2018 Monday ,15 January

Spain to oppose ex-Catalan leader being re-elected

GMT 13:01 2018 Tuesday ,09 January

IOC extends North Korea's Winter Olympics deadline

GMT 12:24 2016 Monday ,12 December

'It's like freedom': Myanmar heavy metal crashes

GMT 09:05 2017 Thursday ,09 November

HRH Princess Sabeeka to patronize forum

GMT 15:05 2016 Monday ,27 June

Fabyland Appoints House of Comms

GMT 04:13 2015 Monday ,16 March

Tourism to restore its previous levels

GMT 08:15 2017 Monday ,30 October

Nissan Leaf Nismo to star
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice