Lufthansa squeezes out AUA's small shareholders
(VIENNA) - German flag carrier Lufthansa has squeezed out the last remaining shareholders of Austrian Airlines (AUA), paying them 0.50 euros (0.72 dollars) per share, against their will, AUA announced Thursday.
The squeeze-out, sharply criticized by the minority shareholders concerned as being too low, was approved at an extraordinary general meeting on Wednesday, with 98.43 percent of votes in favour, AUA said in a statement.
Lufthansa took control of AUA in September, buying the Austrian state's stake of 41.56 percent for the symbolic sum of 0.01 euro per share or 366,268 euros in all.
And on top of that, it offered to buy out the remaining shareholders for 4.49 euros per share.
The holders of a remaining 4.6 percent refused to hand over their shares, but they will now be bought out at just 0.50 euro per share against their will.
The minority shareholders will be paid for their shares after notification of the squeeze-out has been entered in the commercial register, AUA said.
"This will probably occur in the first half of 2010," it said.
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