Panalpina sells 12% stake in Luxair to Luxembourg

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The state of Luxembourg has increased its shareholding in Luxair to 60.75%, after buying a 12.09% stake from Swiss logistics company Panalpina in June.

"Luxembourg bought the shares, but at the moment we still don't know how many will be held by the bank and how many will go to Banque et Caisse d'Epargne de l'Etat," a Luxair spokesperson tells Flightglobal.

Prior to the transaction, the State directly held 26.85% in Luxair and the state-owned bank held 21.81%, giving a combined total 48.66%.

Additional stakes in Luxair - which has a total share capital of €13.75 million ($16.8 million) - are held by Banque Internationale à Luxembourg (13.14%), Lufthansa (13.00%) and Luxair Group plus others (13.11%).

"Panalpina reviews its portfolio of participations on a regular basis and adapts it to changing market conditions," a spokesman for the Swiss company says. "With the sale of the Luxair stake, Panalpina has adjusted its portfolio by the only not-fully-consolidated shareholding."

The spokesman adds that relinquishing the Luxair stake will have "no consequences" on Panalpina's operations at Luxembourg Findel airport, which remains an "important air freight hub" for the logistics firm.

Luxair operates a mixed fleet of five Boeing 737s, five Bombardier Dash 8 Q400s and six Embraer 145s, according to Flightglobal's Ascend Online database.