Home News Lufthansa catering to buy shares in Finnair rival

Lufthansa catering to buy shares in Finnair rival

0
SHARE

Deal allows it to buy shares in Finnish carrier’s catering division

Lufthansa-owned LSG Sky Chefs has made a deal with Finnair that allows it to buy shares in the Finnish carrier’s catering division over the coming five years. The deal was announced today. It is the second attempt by LSG Sky Chefs – the world’s biggest airline catering company with €2.3 billion in annual revenue – to move in on its smaller rival. In May, Lufthansa’s supervisory board blocked a takeover agreement due to a spending freeze across the group.
LSG Sky Chefs takes over full managerial and operational responsibility for Finnair Catering for immediate effect. A figure for the purchase of shares has not been given.
As airlines look for ways to cut costs, it is expected that more of their catering assets will come up for sale. Air France-KLM is rumoured to be considering the sale of a stake in its Servair unit, for example.
Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here