Austrian Airlines shareholders approved the planned takeover by Lufthansa.

Over 85% of them voted in favor of the offer, which pays them €4.90 per share. Lufthansa made its bid dependent on an approval rate of at least 75%.

The decision was one of the few remaining hurdles before the deal can be closed. Lufthansa and Austrian now have to wait for European Commission approval that is preceded by an analysis of the combination’s effects on competition. Lufthansa can still back out of the deal if it considers conditions imposed on it to be unacceptable.

The takeover is now a matter of urgency, as Austrian is burning cash at an astonishing rate. The airline has reduced its cash reserves by almost half in the course of the first quarter.

Photo: Star Alliance