Polish Aviation Group is withdrawing from its proposed takeover of the German airline Condor. The parent company of Polish flag-carrier LOT revealed the decision earlier in the wake of the coronavirus pandemic.
“The Polish Aviation Group has informed Condor about the withdrawal from the acquisition of this company. At this stage, we cannot provide more information,” Katarzyna Majchrzak, director of corporate communication office at Polish Aviation Group said.
In January, the airline company concluded a purchase agreement for Condor, according to which the German airline had to meet several conditions, including the formal consent of its owners for the transaction and good financial standing. When the coronavirus pandemic case arose, it transpired Condor was unable to demonstrate its financial condition, as its performance deteriorated.
Condor employs around 5,000 people and operates about 60 aircraft. Polish Aviation Group is 100 per cent owned by the Polish State Treasury and is supervised by the prime minister.
