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Dec 5, 2008, 14:37 GMT

Lufthansa signs deal to take over Austrian Airlines

Vienna - Lufthansa AG on Friday signed a deal in Vienna to buy 41.65 per cent of Austrian Airlines from Austria's state holding OeIAG, creating Europe's biggest airline. The debt-ridden flag carrier will be sold for the token price of 366,000 euros (465,000 dollars), OeIAG confirmed in a statement. On Wednesday, the German carrier announced that it planned to take over 100 per cent of its smaller Austrian rival, first through the privatization, and then through buying free-floating shares. The total price is expected to amount to 377 million euros. One condition for the sale is that the EU approve a 500-million- euro cash injection for restructuring from the Austrian government.

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