Austrian Airlines

euro adhoc: Austrian Airlines AG
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ÖIAG share in Austrian Airlines sold to Lufthansa

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Privatisations

05.12.2008

Lufthansa intends to take over Austrian Airlines

The Supervisory Board of ÖIAG today agreed to sell ÖIAG's  41.56   percent  share in Austrian Airlines to Lufthansa. This was preceded by  the  agreement  of  the Supervisory Board of Lufthansa AG ("Lufthansa") to this course of  action  on  3 December 2008. The signing of the contract took place after the meeting  of  the Supervisory Board of ÖIAG.

The takeover of the 41.56% share in Austrian Airlines owned by  ÖIAG will  take place for a price of EUR 366,268.75 with a debtor warrant. Out  of  this  debtor warrant, Lufthansa will pay an amount of up to EUR  162  million,  depending  on the future economic development of Austrian Airlines and the  outperformance  of Lufthansa shares.

Execution of these contracts depends in particular on the suspensive conditions of  their  approval  under  Competition  law,  and   approval  by  the    European Commission under assistance law of a restructuring aid of EUR 500 million  being paid by the Republic  of Austria.  Approval  for  part  of  this  restructuring assistance to be made immediately, which requires a resolution  by  the  Council of Ministers and Supervisory Board, is also still outstanding.

Within the expiry of takeover law, Lufthansa will submit  a  takeover offer  to free float shareholders in Austrian Airlines. In accordance with  takeover  law, and subject to verification by the Takeover Commission, the offer price will  be EUR 4.44 per share, and amount to an approximate total  of  a  further  EUR  215 million.

In the sense  of  the  privatisation  contract,  it  was  agreed   that  Austrian Airlines should remain a legally independent company with  its  head  office  in Austria and its own  brand.  Lufthansa   declared  itself  prepared  to  maintain Austrian air traffic infrastructure  as  it  currently  stands  where  possible, taking into consideration the needs of Vienna as a business  location,  as   well as continuing to expand this wherever  commercially  viable  in line  with  the needs of the market; the Lufthansa concept also provides for  retention  of  the long-haul connections so important for the region as a business location.  Apart from improved access to international passenger flows  and  joint  international marketing, the benefits for Austrian Airlines will consist  of  using  the  cost advantages and economies of scale that will result  from  integration into  the Lufthansa Group.

Please find further information concerning the disclosure according to §§ 24 and 25 Media Act on www.austrian.com

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ots Originaltext: Austrian Airlines
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Corporate Communications:
Livia Dandrea-Böhm
Tel.: 051766 - 11231

Investor Relations
Thomas Krammer
Tel.: 051766 - 13311

Branche: Air Transport
ISIN:      AT0000620158
WKN:        875224
Index:    WBI, ATX Prime
Börsen:  Wiener Börse AG / official market



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