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Condor/LOT deal may be shelved amid coronavirus turmoil - report (translated)

Condor, the German airline, may be less likely to see a takeover by Polish peer LOT because of the international coronavirus outbreak, Spiegel reported.

The German-language report cited unidentified sources as saying that LOT's parent, Polish Aviation Group (PAG, Polska Grupa Lotnicza), may not abide by the deal, agreed upon in January.

The publication learned that the scenario of delaying or even calling off the transaction has been discussed.

A Condor spokesperson said that the German company continues to assume plans are unchanged, with a closing of the company's protection proceedings by the end of March and a repayment of a bridge credit in April.

The takeover deal has earned approval of all the relevant competition regulators, the report noted.

PAG is in the transaction process and does not comment on the media reports, Polish newspaper Rzeczpospolita reported, quoting the company's spokesperson Michal Czernicki.

PAG secured consent for the transaction on 20 February, the item reported.

Link to original source

The original report in Rzeczpospolita appeared in print; page A20

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