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Dec 5, 2008, 10:47 GMT

Decision on Lufthansa takeover of Austrian Airlines expected

Vienna - A decision on the takover of Austrian Airlines AG by Deutsche Lufthansa AG was expected Friday afternoon, as the Austria's state holding OeIAG started a meeting to finalize the sale of its 41.65-per-cent stake in the ailing flag carrier. Pending the decision, which would effectively privatize the company, Lufthansa chief executive Wolfgang Mayrhuber was expected to sign the contract in Vienna later on Friday, an OeIAG spokesman confirmed. On Wednesday, the German carrier announced its bid to take over 100 per cent of its smaller Austrian rival, first through the privatization, and then by buying up free-floating shares. The total price is expected to amount to 377 million euros (479 million dollars). One condition for the deal is that the EU approve a 500-million- euro cash injection from the Austrian government for restructuring Austrian Airlines.

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