Racko From Germany, joined Nov 2001, 4887 posts, RR: 19 Posted (13 years 2 months 3 weeks 2 days ago) and read 4243 times:
Another step to make MUC even more popular in the south, and another bad sign for AZ.
Lufthansa to take over majority in Air Dolomiti
Successful cooperation will be intensified
Lufthansa and Air Dolomiti have reached an understanding on an increase of the share acquired by Lufthansa in 1999. The President and majority shareholder of Air Dolomiti, Alcide Leali, today announced that he would exercise the option already contractually agreed at that time, to sell 31.2 percent of the shares in Air Dolomiti to Lufthansa. As a result, according to the current status and subject to approval by the cartel authorities, with effect from 16 April 2003, with 51.9 percent Lufthansa will hold the majority in Air Dolomiti. The transaction is estimated to be worth around 40 million Euro.
In a second step, it is planned for Lufthansa to make a public offer to purchase the shares of the other shareholders of Air Dolomiti which is traded on the Milan Stock Exchange.
The cooperation between Lufthansa and Air Dolomiti, which has existed since 1994, has developed extremely successfully for the two partners: as a qualitatively excellent feeder to Lufthansa’s Munich hub, Air Dolomiti has regularly achieved double-digit growth rates and is now Italy’s most successful regional airline. As the largest foreign carrier in Munich, Air Dolomiti has made a major contribution to ensuring that this hub today already occupies a leading position in Europe. With the start of operations of the new terminal, further growth possibilities will open up in the next few years.
Air Dolomiti will remain an independent Italian company that is well-known for its excellent quality, outstanding service and highly-motivated employees. At the same time, the successful cooperation with Lufthansa and the partners will be intensified.