Austrian Airlines has managed to increase its stake in troubled affiliate Lauda Air to a majority holding and is planning to launch a formal take-over of the carrier.
The flag-carrier previously held 35.9% of Lauda plus 2.7% through its lease finance subsidiary, but recently purchased 11.1% from Lufthansa and 4.9% from Austrian bank SKWB Schöllerbank, giving it 54.6% of voting rights.
Austrian has been battling to gain control of Lauda in an effort to return the struggling leisure carrier to profitability after falling out with founder and former chief executive Niki Lauda. He has refused to allow Austrian to acquire a further 8.9% of Lauda shares owned by Lufthansa over which he has first right of refusal.
Austrian has the option to acquire Niki Lauda's substantial minority stake later this year, but moved instead to take control as soon as possible.
Source: Flight International
