Lufthansa granted extension to secure Austrian bid

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Austria's mergers and acquisitions regulator has granted additional time for Lufthansa to pursue its bid for Austrian Airlines.

Lufthansa had been aiming to secure European Commission approval for the takeover by today but has had to seek an extension of the deadline to 31 August.

The Austrian Takeover Commission says that proceedings before the European Commission are "well advanced" and an agreement is "closer".

Lufthansa will also extend until 14 August its deadline for the voluntary acceptance of its share acquisition offer.