maintenance provider Lufthansa Technik (LHT) has suspended exploratory talks
regarding a possible acquisition of Swissair Group counterpart SR Technics,
claiming that the Swiss side is refusing to disclose essential information
about the company.
admits that it has been interested in SR Technics since the firm came onto the
market as a result of Swissair’s collapse. The two firms already jointly own
Ireland’s Shannon Aerospace.
German company says that its primary interest in SR Technics centres on its
customer base, but adds that the Swiss legal team handling Swissair Group’s
affairs is not prepared to hand over details.
are only two real reasons for taking over a company,” says a spokesman for LHT.
“You either want to increase your capabilities or you want to extend your
argues that it can already match all of SR Technics’ maintenance, repair and
have asked to see the [customer] data for the company but [the Swiss lawyers]
won’t let us have it,” the spokesman says, adding that the reasons behind the
refusal are unclear.
he says that the obstruction makes it impossible for LHT to evaluate the Swiss
firm and adds: “The talks are not going on at this time.”
speaking at LHT’s annual press conference in Hamburg today, LHT chairman August
Henningsen said: “Of course we are interested [in SR Technics]. We participated
in the due diligence process. The result of that was that we were not able, on
the basis presented, to deliver a binding offer.”
companies known to be interested include Singapore Technologies Aerospace,
Pratt & Whitney, and General Electric. The overhauler recently won a
long-term deal to maintain the fleet of Switzerland’s new carrier Swiss.