Deutsche Lufthansa AG said its supervisory board approved a plan to buy ailing Austrian Airlines AG, potentially pushing Germany's giant carrier further along one of the most ambitious airline acquisition sprees the global aviation industry has seen in years.
The Austrian government as soon as Friday could approve the deal, which values the national carrier at as much as €377.4 million ($479.5 million) and aims to save it from collapse under mounting financial woes. A deal would require regulatory approval, in part because the Austrian government plans to spend €500 million helping to restructure the airline.
Source: The Wall Street Journal
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