Acquisition of Condor by LOT pending exit

Johanna Koyser
2 minutes

A hotly discussed topic among aeronauts is making new waves. The acquisition of Condor by the Polish airline LOT, or rather its parent company PGL. It is not too long ago that this news made the rounds in aviation and was criticized by at least as many as praised. However, there is – also in view of the corona crisis – a new twist in the story. After all, the acquisition is said to be on the verge of collapse.

As SPIEGEL reports, the Polish holding company PGL has made new, “extreme” demands on the German Federal Ministry of Economics for the takeover of Condor. According to internal negotiation circles, “meeting these demands would be tantamount to almost completely securing the investment”. Now, of course, the question arises as to how it could have come this far, and the answer is obvious. As the WingMag reported in the last days and weeks, the corona crisis does not stop at the aviation industry. Even airlines that had hardly any economic problems before the crisis are now facing such problems, including the Polish LOT. Thus, the demands of PGL for the acquisition of Condor by LOT could be seen as a clever move. As an attempt to make the purchase contract fail.

At the moment, there is no public statement on the subject, neither from LOT and PGL, nor from Condor. The Federal Ministry of Economics is also keeping a low profile. Finally, the question remains as to what will happen to Condor. In this context, a nationalization of the company is increasingly being discussed. However, since there are so many changes in the aviation industry at the moment, the last word has not yet been spoken about Condor either.

Picture © Anna Zvereva / CC BY-SA

by Johanna Koyser

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