Panalpina to acquire share of Luxair
Panalpina, a provider of airfreight services, is engaged in negotiations to acquire a 12.1 per cent stake in Luxembourg airline, Luxair.
The Swiss company, based in Basel, said in a statement that negotiations between Luxair’s major shareholders and Panalpina have reached an advanced stage.
Luxair and Panalpina’s board of directors have formally ratified the deal and the complex procedure of hammering out a share package is underway, pending Luxembourg government approval.
The airfreight company said that owning a part of Luxair, which generates a large share of its revenues through freight handling, would allow it to optimise usage of its airfreight hub at Luxembourg’s Findel Airport and further develop co-operation between itself and Luxair.
Under terms of the agreement, Luxair, which operates a fleet of 17 aircraft and has a capacity of 750,000 tonnes, will also handle Panalpina freight at the Swiss company’s CargoCity Sud logistics centre at Frankfurt airport once it is completed.
Since July, the institutional shareholders of Luxair have been looking for potential buyers of the 12.1 per cent stake, Panalpina said. The stake was previously held by CLT-UFA, a subsidiary of the RTL Group.
