Lufthansa yesterday commenced its tender offer to holders of approximately 15% of Swiss International Air Lines stock. Major investors holding 85% of the airline already have agreed to the acquisition. LH offered the small shareholders CHF8.96 ($7.48) per share for their more than 8 million shares for a total cost of about €47 million ($60.8 million). The offer period runs through June 2. The purchase is being carried out via a holding company, AirTrust, which was set up to enable ...

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