Lufthansa, easyJet win EU court backing to buy Air Berlin assets | FI SENSE
FILE PHOTO: An EasyJet airliner lands at Son Sant Joan airport in Palma de Mallorca, ahead of Easter celebrations, Spain, April 1, 2021. REUTERS/Enrique Calvo/File Photo

FILE PHOTO: EasyJet airliner lands at Son Sant Joan airport in Palma de Mallorca

German airline Lufthansa (LHAG.DE) and British peer easyJet (EZJ.L) on Wednesday gained backing from Europe’s second top court for their acquisitions of insolvent German carrier Air Berlin’s assets four years ago.

Lufthansa received the EU green light from the European Commission in 2017 to buy Air Berlin’s subsidiary LGW in return for giving up some slots at Duesseldorf airport.

In another deal, EasyJet secured unconditional clearance from the EU competition enforcer for the 40 million euros ($46.5 million) deal in 2017, which included some of Air Berlin’s operations at Tegel airport, leases for up to 25 A320 aircraft, and about 1,000 of Air Berlin’s pilots and cabin crew.

Polish rival LOT subsequently challenged the EU executive’s decisions at the Luxembourg-based General Court.

“The General Court dismisses the actions of Polskie Linie Lotnicze ‘LOT’ against the Commission decisions authorizing the mergers concerning the acquisition by EasyJet and Lufthansa, respectively, of certain assets of the Air Berlin group,” judges said.

LOT can appeal to the EU Court of Justice (CJEU) on points of law. The cases are T-240/18 Polskie Linie Lotnicze “LOT” v Commission and T-246/18 Polskie Linie Lotnicze “LOT” v Commission.

($1 = 0.8604 euros)

Source: https://www.reuters.com/business/aerospace-defense/eu-court-backs-lufthansa-easyjet-deals-over-air-berlin-assets-2021-10-20/

myfisense

myfisense


Leave a Reply

Your email address will not be published. Required fields are marked *

FI Sense

FREE
VIEW