Lufthansa makes Swiss shareholder payout

Lufthansa, which owns Swiss International Air Lines, says it will pay out SFr269 million ($267 million) to the biggest former shareholders in Swiss.

This content was published on March 21, 2008 minutes

Those benefiting from the deal include the Swiss government, which receives more than SFr63 million, as well as the big banks UBS and Credit Suisse.

They will receive the payment because Lufthansa shares outperformed competitor airlines, said a statement posted on the Swiss company website.

The success of Swiss during the three years since it was integrated by the German Lufthansa had also "contributed appreciably" to this positive development, it added.

Earlier this month, Swiss announced that it than doubled its operating profit in 2007.

The payout formally concludes the transaction between Swiss and Lufthansa, said the companies.

Swiss International Air Lines was born in 2002 from the remains of bankrupt Swissair and the regional carrier Crossair. It was taken over by Lufthansa in 2005.

Major shareholders at that time agreed to cede control to Lufthansa for no payment, on the promise that they would get some return if the combined carrier prospered.

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