Latest news from Heavy Lift & Project Forwarding International Magazine

Luxembourg and HNCA discuss Cargolux

September 23 - The Grand Duchy of Luxembourg is in talks with Chinese investors relating to the sale of its 35 percent stake in all-cargo carrier Cargolux Airlines International.

According to a statement on the Luxembourg government's website, a Chinese delegation from Henan Province and its investment arm, the Henan Civil Aviation Development and Investment Co. (HNCA), conducted an extensive tour of Luxembourg International airport on September 16, 2013.
While on the tour the delegation met with airline Luxair SA - a 43.4 percent shareholder in Cargolux - as well as liaising with other logistics players based at the European gateway.
According to the Luxembourg government, HNCA is one of the potential candidates that has expressed an interest in the shares of Cargolux, is in close discussions with the state, and the commercial aspects of a potential transaction are ongoing.
A final decision on Cargolux's new shareholder is expected to be decided before the end of 2013. Other suggested partners include China's HNA Group and Russia's Volga-Dnepr Group.
HLPFI reported in December 2012 that Luxembourg re-acquired its 35 percent stake in the freighter airline from Qatar Airlines for its original sale price of USD117.5 million, with the intention of selling the shares on to new owners.

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