EU approves Attestor takeover

Condor - The nail-biting game is over!

EU approves Attestor takeover

The EU Commission has completed its review of state aid totaling around 525 million euros for the popular German vacation airline Condor and approved the majority takeover by British investor Attestor.
The approximately 4,000 jobs at Condor and Condor Technik are to be retained as far as possible. Attestor will initially take a majority stake of 51 percent in Condor, while "SG Luftfahrtgesellschaft" will initially retain 49 percent on behalf of the German government and the state of Hesse. Attestor secures the option to acquire the remaining shares at a later date.
The decision of the EU Commission as the supreme competition authority became necessary because Ryanair had filed a partially successful lawsuit against the German subsidies before the EU Court in Luxembourg and in June the European Court had revoked an approval granted by the EU Commission for the Condor subsidies at an earlier date.


Jul 28, 2021

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