Polish Aviation Group withdraws from acquisition of Condor airlines
The Polish Aviation Group (PGL), the parent company of Polish national airline PLL LOT on Monday announced it is withdrawing from its takeover of the German airline Condor.
"I confirm that, today, the Polish Aviation Group informed Condor about the withdrawal from the acquisition of this company. At this stage, we cannot provide more information," Katarzyna Majchrzak, director of the PGL Corporate Communication Office wrote in an e-mail sent to PAP.
In January, PGL 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 turned out that Condor was unable to demonstrate its financial condition, as its performance deteriorated, flights were cancelled, etc.
PGL, a Polish state-owned company, was to take over Condor which employed around 5,000 people and operated about 60 aircraft.
PGL is 100-percent owned by the Polish State Treasury and is supervised by the prime minister. It is made up of LOT, LOT AMS, and LS Airport Services.