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Business

Lufthansa Raises Money to Buy New Airbus

German air carrier Lufthansa on Monday announced it would raise at least €750 million ($900 million) to go towards funding its purchase of Airbus' A380 super jumbos. The airline said 76.3 million new shares would be issued at a subscription price of at least €9.85 per share, with the subscription period running from June 6 through June 16. Through the sales, Lufthansa hopes to raise enough to pay for the new addition to its fleet. The German carrier is one of 11 so far that have placed orders for the European-built double-deck aircraft, which is due to take flight in 2006. "In addition to expanding its fleet with the new super-size aircraft, the company plans capital expenditures for the preparation of operations and supporting infrastructure," Lufthansa CEO Wolfgang Mayrhuber said in a statement. Over the next three years, the airline will spend €4.72 billion getting ready for the new aircraft, including some €2.77 billion for an initial order of 15 superjumbos. Once it takes off, Lufthansa expects the A380 to "yield significant cost advantages on long-haul flights."

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