Lufthansa: Not Yet Fulfilled All Conditions For BMI Takeover
May 15 2009 - 3:01AM
Dow Jones News
German flag carrier Deutsche Lufthansa AG (LHA.XE) can't close
the takeover of U.K.'s British Midland Airways, or bmi, yet,
because it hasn't fulfilled all contractual the conditions yet,
despite the European Commission's clearance Thursday, Claudia
Lange, a spokeswoman for Lufthansa told Dow Jones Newswires
Friday.
Lange however declined to identify the conditions it hasn't
fulfilled yet, citing a confidentiality agreement.
The European Commission Thursday cleared Lufthansa's takeover
plan.
The German airline already owns a 30% minus one share stake in
bmi, and will own 80% of bmi after the deal is complete, by
acquiring 50% plus one share from bmi founder Sir Michael
Bishop.
Scandinavian carrier SAS AB (SAS.SK) owns the remaining 20% of
bmi.
Company Web site: www.lufthansa-financials.com
-By Kirsten Bienk, Dow Jones Newswires; +49 69 29 725 500,
kirsten.bienk@dowjones.com