Luxembourg’s government agreed to buy the 35 percent stake in Cargolux Airlines International SA purchased by Qatar Airways Ltd. only last year following a dispute over strategy at Europe’s biggest freight-only airline.
Infrastructure Minister Claude Wiseler brokered a deal to pay $117.5 million for the holding during a visit to Doha last weekend, the government said in a statement. While contractual details have yet to be sealed, a transaction should be completed by the end of this year, spokeswoman Danielle Frank said today.
Cargolux Chairman Albert Wildgen stepped down on Nov. 30 after Qatar Airways Chief Executive Officer Akbar Al Baker made what the European company termed a series of demands that were difficult to accept. The No. 2 Gulf carrier bought its stake as part of a push to become a major freight operator by 2015.
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