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Qatar Airways secures 35% holding in Cargolux

Posted 9 June 2011 · Add Comment

Cargolux International Airlines has just confirmed its strategic equity partnership with Qatar Airways which sees the Doha-based airline taking a 35% stake in the business

 The transaction was signed on behalf of the selling Cargolux shareholders by the Luxembourg minister of finance, Luc Frieden, and on behalf of Cargolux by its president and chief executive, Frank Reimen this morning.

The new shareholder was represented by Qatar chairman Sheikh Hamad Bin Jassim Bin Jabr Al Thani, prime minister and minister of Foreign Affairs, and by Akbar Al Baker, Chief Executive Officer of Qatar Airways, who signed the accord on behalf of Qatar Airways.

Today’s acquisition by Qatar Airways of a 35% equity interest in Cargolux marks the termination of the temporary role of the Luxembourg State as a shareholder in theairline and enables other state-controlled shareholders who participated in the 2009 Cargolux restructuring plan through the acquisition of a 33.7% holding of former SAirlines to sell or reduce their ownership in Cargolux.

Marc Hoffmann, Cargolux chairman said: ‘At the implementation of the restructuring plan in November 2009, I noted that Cargolux would benefit strongly from a strategic partner and that the shareholders had commenced discussions with several parties. I am delighted that we have now found such an excellent strategic partner in Qatar Airways, a leading Middle East carrier and one of the fastest growing airlines in the world. I have no doubt that the cooperation with the new shareholder will support the business performance of Cargolux and strengthen its market position going forward’, he added.
 Sheikh Hamad  said: ‘The State of Qatar strongly supports viable business development opportunities. Our investment in Europe’s leading cargo carrier Cargolux boosts our ambition to become one of the major players in air freight by 2015’.

Reimen,  said that a draft Commercial Cooperation Plan between Cargolux and Qatar Airways has been jointly developed in a constructive atmosphere of mutual trust and respect.

Al Bakersaid:  Everybody wins from this partnership. We seek to fuel our growth plans by including air freight as a major part of our product offering. Our investment in Cargolux, a sound and healthy company and a leading all-cargo carrier, will deliver great value to Qatar Airways’.

Cargolux and Qatar Airways will disclose further details about the transaction at the closing which is expected to take place in the coming weeks.

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