Austrian Airlines minority shareholders to receive compensation of €0.50 per share

The executive board of Austrian Airlines AG and the majority shareholder in Austrian Airlines, ÖLH Österreichische Luftverkehrs-Holding-GmbH have jointly agreed on appropriate cash compensation of €0.50 per share in a squeeze-out of the remaining shareholders of Austrian Airlines.

The adequacy of this cash compensation still has to be verified by the board of directors of Austrian Airlines. A decision endorsing the squeeze-out will be taken by an extraordinary shareholder meeting, which will presumably be held in mid-December. The minority shareholders of Austrian Airlines will receive cash compensation for their shares in conformity with the law after notification of the squeeze-out has been entered in the commercial register.

That will probably occur in the first half of 2010.

Lufthansa already holds 95.4 per cent of the share capital of Austrian Airlines through ÖLH.