FRANKFURT (AFX) - Deutsche Lufthansa AG said it is selling its 50 pct stake in joint venture Thomas Cook AG to KarstadtQuelle AG for 800 mln eur.
It added that, at the same time, it is raising its stake in Thomas Cook subsidiary Condor to 24.9 pct from 10.0 pct.
Lufthansa also said it will receive Condor's stake in airline Sun Express, a venture that is owned jointly by Condor and Turkish Airlines.
It said the agreement with KarstadtQuelle must still be approved by the supervisory boards of both companies and regulators.
The transactions will be finalised in the first quarter of 2007. newsdesk@afxnews.com jcs/wj COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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