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16-03-2005 |
Lufthansa in negotiations to take over Swiss International Air Lines - The deal will strengthen the German carrier's position as the biggest global air freight operator.
Deutsche Lufthansa AG and Swiss International Air Lines AG are in constructive negotiations about the take-over and integration of SWISS into the Lufthansa group. Both companies jointly developed the business model, which is subject to the approval of the Lufthansa supervisory board, the relevant SWISS-corporate bodies as well as the SWISS core shareholders bound by the lock-up agreement. If the required approvals are obtained, Lufthansa will submit an offer to the free float shareholders based on the average share price of the recent weeks.
The jointly developed business model aims at providing a concentration of the strengths of both airlines, while retaining the independence of SWISS to the extent possible. The cornerstones include, inter alia, maintaining the air traffic infrastructure within Switzerland as well as the brand "Swiss" and it's hub operations at Zurich Airport.
While Swiss passenger activities has been substantially downsized since it creation in 2002 after Swissair bankrupt, Swissworldcargo, its cargo unithas maintained a profitable network including long haul freighter services.
VOLVER
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