Lufthansa to buy large parts of bankrupt Air Berlin

Lufthansa_A350-900

Ryanair is set to challenge a Lufthansa deal to to buy parts of failed German carrier Air Berlin.

The statement, sales process, Committee on creditors, institutions responsible for bankruptcy process in Germany and approval of European competition institutions were transferred.

The CEO said that a milestone in Lufthansa's history will be seen in Berlin on Thursday.

Air Berlin filed for bankruptcy in August after its main shareholder, Etihad, said it would not give further financial support.

Air Berlin is one of three European airlines to become insolvent in recent months.

Air Berlin, the second largest carrier in Germany, will end all operation of its flights during October, capping a tumultuous summer for carriers in Europe.

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In August, Ryanair CEO Michael O'Leary slammed the government intervention as a "stitch up", in August, and called on the European Union competition authorities to block a Lufthansa takeover.

Lufthansa Chairman and CEO Carsten Spohr said the giant would sign the deal, which would mean the acquisition of parts of Air Berlin, including 81 aircraft and 3,000 employees, for a price tag of 1.5 billion euros ($1.78 billion), Efe news reported.

Shares in Lufthansa rose 2.8% in Frankfurt.

Britain's EasyJet is reportedly still in negotiations to buy some of the Air Berlin planes that haven't been snapped up by Lufthansa.

Air Berlin, which accumulated debt for nearly a decade, reported a record loss of €782m (£713m) for a year ago.

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