(MENAFN) German airline Lufthansa is signing an agreement with its broke opponent Air Berlin to buy parts of it, which is being challenged by the biggest airline in Europe Ryanair.
As the news came out, Lufthansa's shares soared by about 3%, which made it the best-doing stock in Germany on Thursday.
The airline boss expects to get the EU's approval by the end of December 2017.
Carsten Spohr said: "We need three global players in Europe and this step will bring the Lufthansa Group forward."
According to analysts' expectations, the deal will add 70-90m Euros to the operating earnings of the airline's budget carrier Eurowings.
MENAFN2310201700450000ID1095974608
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.