Austrian Airlines awaits privatisation

Austrian Airlines Group (ÖIAG) has been hit hard by the recession, announcing its traffic figures for the first quarter. The airline carried nearly 16% fewer passengers compared to 2008.
In mid-March, the Executive Board recommended its shareholders accept the takeover bid from Lufthansa. Dr. Andreas Bierwirth and Dr. Peter Malanik, Members of the Austrian Executive Board, issued the following statements: “The announcement that the syndicate partners have accepted the takeover bid of Lufthansa marks an important milestone in the privatisation process. Now, following the signing of the agreement between ÖIAG and Lufthansa in December 2008 and the takeover bid submitted by Lufthansa to small shareholders of Austrian Airlines AG at the end of February 2009, we are another step closer.
“With our successfully implemented multi-layer package of internal cost-cutting measures such as a cut in production, short-time working and a cut in salaries as well as a programme to increase internal efficiency, we are actively working to counter the global slump in demand.”