Subscribe Free
in Air Transport / Business & Finance

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.

Other Stories
Advertisement
Latest News

TATV - Newsround Feb 4: Bahrain's boost, Nigeria's plans and Dubai's training magic

The first TATV Newsround programme brings an overview of the main talking points in the news from the aviation, defence and aerospace industry in the emerging markets of the Middle East, Africa and South Asia.

IDEX: Collins Aerospace targets Middle East fighter seats

Collins Aerospace is looking at upgrading the F-15 and F-16 aircraft in the Middle East with its next generation ACES 5 ejection seats.

IDEX: Israelís Aeronautics makes IDEX debut

Israel-based Aeronautics Group, a provider of integrated turnkey solutions based on unmanned systems platforms, payloads and communications for defence and HLS markets, presented its Orbiter 4 STUAS and Orbiter 1K Loitering

Qatar Airways Cargo joins Validaide as a Premium Member

Qatar Airways Cargo has joined Validaide Capabilities Platform as a premium member.

IDEX: Virtual reality training in real time

Visitors had the chance to experience the thrill of flying a fast jet with CAEís digitally immersive training and operational support solutions at their stand at IDEX in Abu Dhabi.

Covid-19 changes the IT spending priorities for airports and airlines

The COVID-19 pandemic has refocused IT spending priorities for airlines and airports in 2020 as revenue plunged and the industry faced new health and operational requirements needed to keep flying, according to SITA.

WDS SK2601090322
See us at
IDEX 2021 BT26221Aviation MENA 2021DAS21_BTWorld Defence Show 2022Aviation Africa 2021 BTNNArab Aviation Summit BT1002230321