Ryanair takes stake in Lauda's new Austrian airline

BERLIN — Budget airline Ryanair says it is taking an initial 24.9 percent stake in an Austrian-based airline being set up by former Formula 1 driver Niki Lauda.

It plans to raise its holding to 75 percent.

LaudaMotion is the successor to Niki, long a subsidiary of bankrupt Air Berlin, which Lauda bought back after it fell victim to its parent's financial woes. It plans to operate scheduled and charter flights from Germany, Austria and Switzerland to largely Mediterranean destinations.

Ryanair said Tuesday that it plans to increase its stake to 75 percent "as soon as possible," subject to European Union approval.

It said that the total stake will cost it less than 50 million euros ($61.5 million), but it will invest another 50 million euros in startup and initial operating costs.

Related News

Waymo self-driving minivan will start test drives...

Jan 9, 2017

Waymo, Google's self-driving car division, will start testing its new fleet of minivans on public...

Second VW employee arrested over emissions scheme

Jan 10, 2017

The Volkswagen executive who once was in charge of complying with U.S. emissions regulations was...

Honda goes higher-tech with Odyssey. Try the...

Jan 9, 2017

A veteran player in the small but scrappy minivan segment is getting a major upgrade

Ford adding diesel engine, other features to F-150

Jan 10, 2017

For the first time, Ford is offering a diesel engine on its F-150 pickup

Renault F1 team rocked as Vasseur leaves before...

Jan 11, 2017

A few weeks away from proudly unveiling its new car for the 2017 Formula One season, French...

US gov't accuses Fiat Chrysler of cheating on...

Jan 13, 2017

The U.S. government is accusing Fiat Chrysler of failing to disclose software in some of its...

Sign up now!

Action Swift is your fighting sports news site featuring boxing, fencing, martial arts, mixed martial arts and sumo. It’s time for some action!

Contact us: sales[at]actionswift.com