Austrian Airlines deal with Saudi investor off, shareholders say
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Mon, 12 May 2008 19:58:07 GMT |
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Vienna - A 150-million-euro (232-million-dollar) deal between Austria's main carrier Austrian Airlines (AUA) and a key Saudi investor was off because of "impossible conditions" set by the investor, Austrian news reports said on Monday. Talks between Saudi businessman Mohamed bin Issa al-Jaber and Austrian Airlines had been shelved for the time being, a spokeswoman for Austria's privatization holding OIAG, the airline's main shareholder, was quoted as saying by the Austrian Press Agency. Al-Jaber, who originally planned to acquire a 20-per-cent share in a deal designed to shore up the ailing airline, had set "conditions that were impossible to meet" after the deal had been finalized, OIAG said, but did not comment on the details. OIAG stressed that by going ahead with a capital increase and granting al-Jaber a seat on the airline's board last week they had kept their part of the deal. Austrian rejected claims by al-Jaber that he had been misled over its 60.4-million-euro net losses for the first quarter of 2008. In view of the increasing likelihood of al-Jaber refusing to come on board, Austrian changed tack over its long-standing opposition to a strategic partnership with another airline last week, saying that this option should not be ruled out in the future.
Copyright DPA
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