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Polish airline LOT drops plan to buy Germany’s Condor

14.04.2020 06:50
Amid the coronavirus pandemic, Polish air carrier LOT has dropped a plan to purchase German airline Condor, Poland’s PAP news agency has reported.
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Photo: PAP/Radek Pietruszka

It cited a spokeswoman for LOT’s parent company, the Polish Aviation Group (PGL), as confirming the news.

"At this stage we cannot provide any further information," Katarzyna Majchrzak, director of corporate communications at the Polish Aviation Group, said, as quoted by the Polish state news agency.

The announcement comes after LOT in January agreed a deal to take over Condor, which is a former subsidiary of failed tour operator Thomas Cook.

The state-owned Polish Aviation Group (PGL) said in a statement at the time that it expected Condor to become “the centre of PGL’s leisure strategy with a focus on growth in Germany as well as adjacent markets, building one of the leading European leisure airlines.”

Poland’s Prime Minister Mateusz Morawiecki told reporters in late January that the planned acquisition was “proof of the strength of the Polish economy.”

Deputy Prime Minister Jacek Sasin said last month that Poland’s LOT was in a difficult situation after the country suspended scheduled international air connections amid the global coronavirus pandemic.

"This is a company that is practically not active now," Sasin, who also serves as minister for state assets, told a news conference at the time. "All passenger flights, but also cargo flights, have practically died."

Poland has declared a state of "epidemic emergency" and temporarily closed its borders to non-residents as part of efforts to curb the spread of the coronavirus.

(gs/pk)

Source: PAP

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