85% give take over the go-ahead
Lufthansa's share offer for Austrian Airlines has ended in success yesterday (May 11) after 85% of shareholders agreed to sell.
The figure, not including the 41.56% stake held by Austrian, fulfils the 75% threshold set under the terms of the takeover.
Lufthansa and Austrian said the exact number of shares would be released later this week.
Austrian Airlines board member Dr Peter Malanik said: "By achieving the 75% threshold, we have fulfilled an essential condition in the takeover contract.
"By doing so, we have passed another crucial milestone in the privatisation process. We are confident we will be able to go ahead with the closing this summer."
Austrian said its shareholders had made "a fundamental contribution" the future of the airlines and its location.
The takeover now rests on a decision by EC regulators currently investigating three aspects of the deal.
The EC is said to be unhappy with the price paid for Austrian and a €500m restructuring plan to be "granted" by the Austrian government.
A "debtor warrant" received by the Austrian state from Lufthansa could also lead to additional payments.
The first phase of its review is expected to be completed by June 17 (see Lufthansa asks for approval of Austrian bid).
Austrian shareholders will receive €4.49 per share should the takeover be successful.
Lufthansa also expects to hear on Thursday (May 14) whether it will be allowed by the EC to take a controlling interest in the UK carrier bmi.
The airline has a 30% stake in the carrier and an option to buy the 50% plus one share holding of bmi chairman Sir Michael Bishop.
Sir Michael, 66, indicated last October that he wished to sell.
The remaining 20% of bmi is owned by SAS which has said it also wishes to sell.
The EC is also holding an "in-depth" probe into Lufthansa's bid for Brussels Airlines, a decision on which is expected on June 10.