Lufthansa has applied “Fanhansa” titles to the pictured Airbus A321neo registered as D-AIEH.
This aircraft is supposed to be a transport aircraft assigned to the upcoming European World Cup, but there has not been any official announcement from the airline.
The European Championship 2024 commences on June 14 in Munich with a match between Germany and Scotland.
The UEFA European Championship 2024 is set to be the 17th edition of one of the most prestigious tournaments in international football, where Europe’s finest national teams compete for the title of continental champion. Scheduled to take place in Germany, the tournament promises to deliver a festival of football across various iconic cities and stadiums. Germany previously hosted the Euros in 1988 and the World Cup in 2006, both events remembered for their exceptional organization and electric atmospheres. With 24 teams set to participate, the competition will feature a month of high-stakes matches filled with passion, skill, and national pride. The most recent update has seen the tournament’s final draw and qualification process detailed, setting the stage for what promises to be a thrilling battle for European supremacy.
Top Copyright Photo: Lufthansa – Fanhansa Airbus A321-271NX WL D-AIEH (msn 10318) (Fanhansa) MUC (Arnd Wolf). Image: 963191.
About 1,500 shareholders followed today’s 71th Annual General Meeting of Deutsche Lufthansa AG online. A total of 39.7 percent of the share capital was represented. In sum, eight agenda items were put to the vote at the Annual General Meeting. The shareholders of the company approved all items by a large majority.
The shareholders thereby approved the actions of the members of the Executive Board and the Supervisory Board for the 2023 financial year by a large majority.
The items on the agenda of the Annual General Meeting included the appropriation of balance sheet profits, which provides for the distribution of a dividend of EUR 0.30 per share, and the election of members of the Supervisory Board. Sara Hennicken, CFO of Fresenius Management SE, was newly elected to the Supervisory Board. Dr. Thomas Enders, former CEO of Airbus SE, Harald Krüger, former Chairman of the Management Board of Bayerische Motorenwerke Aktiengesellschaft and Britta Seeger, member of the Management Board of Mercedes-Benz Group AG were re-elected to the Supervisory Board.
A350-900 with 268 passengers on the way from Munich to Vancouver
Further destinations in late summer: Shanghai and San Francisco
rom summer: Allegris flights can be booked for the winter timetable
268 passengers, 11 crew members, ten new seat options! The first scheduled flight with Lufthansa Allegris on board, LH476, took off this afternoon at 4:14pm from Munich for Vancouver on the west coast of Canada. Tomorrow, Thursday, the Canadian metropolis of Toronto will be the second Allegris destination, which will be served alternately with Vancouver on selected flights in the first few months. With further A350s delivered, Allegris will also be available on flights to Chicago and Montreal in the summer.
From late summer, flights will also be operated to Shanghai and San Francisco. These destinations will initially replace the existing destinations. From the summer, flights with the Lufthansa Allegris cabin on board will be offered for booking for the winter flight schedule with the entire product range. Further details on prices and benefits for status customers will also be published at that time.
When booking Allegris Business Class, travelers can reserve a specific seat as before. The Classic Seat reservation is always free of charge. This seat offers all the benefits of the new product. Optionally, seats with additional comfort (the Business Class Suite, the Extra Space Seat, the Privacy Seat by the window and the Extra Long Bed) can also be booked in advance via the familiar seat reservation system for an additional charge.
Group revenue increases by 5 percent to 7.4 billion euros in the first quarter
Number of passengers rises to 24 million in the first quarter
Adjusted EBIT in the first quarter at -849 million euros
Strikes impact earnings by around 350 million euros in the first quarter
Unit costs excluding strike impact below previous year
Summer with record number of holiday destinations and 16 percent more bookings than last year
Adjusted EBIT of around 2.2 billion euros expected for the full year of 2024
Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:
“We are now leaving the first quarter behind us, which was mainly impacted by strikes, and are at a turning point. We have reached long-term wage agreements for the majority of our employees. This means planning certainty and clarity for the coming years. We are still seeing strong demand, which is even significantly higher than last year for the summer. We are therefore continuing to expand our offering and are growing on long-haul routes in particular. Our planes remain well filled throughout. One thing is already clear: it will be another very strong summer. I am particularly pleased that we are continuing to see a positive trend not only among leisure but also business travelers. We are now devoting all our energy to further expanding our premium customer offers and ensuring punctual and reliable flight operations.”
Results for the first quarter of 2024
The Group increased its revenue by five percent year-on-year to 7.4 billion euros in the first quarter of 2024 (previous year: 7.0 billion euros). The Lufthansa Group recorded an operating loss (Adjusted EBIT) of 849 million euros (previous year: -273 million euros). Strikes, both by various employee groups within the Group and by employees of our system partners, had a negative impact of around 350 million euros on earnings. In addition, Lufthansa Cargo’s result declined now that the logistics industry has returned to normal after the pandemic-related exceptional economic situation. The Adjusted EBIT margin fell to -11.5 percent (previous year: -3.9 percent). The Group result fell to -734 million euros (previous year: -467 million euros).
Passenger numbers and traffic development
Demand for air travel continued to rise in the first quarter of the current year. A total of 24 million passengers flew with the airlines of the Lufthansa Group, an increase of 12 percent compared to the previous year (Q1 2023: 22 million). The Group airlines expanded their seat capacity by 12 percent year-on-year despite the strike-related flight cancellations. Compared to the pre-Crisis year 2019, this was 84 percent, around 5 percentage points lower than originally planned. Despite the significant increase in capacity, the load factor remained consistently high due to high demand. The passenger load factor amounted to 79.7 percent and was thus at the previous year’s level.
Strikes have a significant negative impact on Passenger Airlines’ earnings
The Lufthansa Group Passenger Airlines’ revenue rose by seven percent to 5.6 billion euros in the first quarter (previous year: 5.2 billion euros). They recorded an Adjusted EBIT of -918 million euros (previous year: -512 million euros). Strikes had an impact of around 300 million euros on earnings in this segment.
Yields fell by 2.5 percent compared to the previous year, partly due to the strike-related uncertainty on the customer side and the corresponding lack of high-priced last-minute bookings. Unit revenues (RASK) were 6.3 percent down on the previous year, also influenced by lower cargo revenues and significantly higher compensation payments to passengers due to the strike.
Unit costs (CASK) rose by 2.9 percent compared to the same quarter of the previous year due to the strike. Adjusted for the strike effects, however, they were 1.8 percent below the previous year despite higher expenses for fees, MRO and personnel.
Due to the high losses in the core brand Lufthansa in the first quarter (Adjusted EBIT -640 million euros), Lufthansa Airlines has initiated measures to strengthen the result this year in the short term. Among other steps, it is planned to reduce operating costs, stop new projects and assess the need for additional staff in administrative areas.
Lufthansa Technik benefits from more air traffic
Demand for maintenance, repair and overhaul services as well as other Lufthansa Technik products increased in the first quarter of 2024 due to the positive trend in air travel. Revenue increased accordingly by 15 percent year-on-year to 1.8 billion euros (previous year: 1.5 billion euros). Adjusted EBIT fell by 14 percent to 116 million euros (previous year: 135 million euros), impacted by strike-related work stoppages. Excluding this effect, which had a negative impact on earnings of around 25 million euros, earnings were up on the previous year.
In the logistics business, capacity rose by seven percent due to the expansion of air traffic and revenue tonne-kilometres also increased by ten percent. Yields were around 25 percent lower than in the same quarter of the previous year, in which the result was significantly boosted by high demand due to supply chain disruptions and the shortage of capacity as a result of the pandemic. Lufthansa Cargo thus achieved an Adjusted EBIT of -22 million euros (previous year: 151 million euros). Excluding the strike effects of 25 million euros, the quarterly result was slightly positive.
Positive Adjusted free cash flow further reduces net debt
Due to the continued high level of incoming bookings, operating cash flow amounted to around 1.3 billion euros despite the negative operating result. At 940 million euros, net investments were around ten percent below the previous year, meaning that Adjusted free cash flow amounted to 305 million euros (previous year: 482 million euros).
The Group further strengthened its balance sheet in the first quarter of 2024. Net debt decreased to 5.5 billion euros compared to the end of 2023 (December 31, 2023: 5.7 billion euros) due to the positive free cash flow. Net pension obligations fell to 2.4 billion euros due to a higher discount rate (December 31, 2023: 2.7 billion euros). At the end of March 2023, the company had liquidity totaling 10.8 billion euros (December 31, 2023: 10.5 billion euros) at its disposal. Following an upgrade by Moody’s in the first quarter, the Lufthansa Group is now the only European network airline to be consistently rated investment grade again by all four agencies in the market.
Remco Steenbergen, Chief Financial Officer of Deutsche Lufthansa AG:
“We cannot be satisfied with the operating result for the first quarter; at more than 350 million euros, the various strikes had a significant impact on our result. Nevertheless, cash flow was positive due to the continuing high demand for air travel. We were also able to further strengthen our balance sheet. In the coming months, we will work intensively to compensate for the effects of rising costs. We have taken additional measures to this end, particularly at Lufthansa Airlines, which is significantly affected by rising personnel expenses and fees. I therefore remain convinced that we will be able to achieve stable unit cost development for the year as a whole without taking the strikes in the first quarter into account.”
Bookings for summer 16 percent up on previous year
Global demand for air travel remains strong, particularly from private travelers. The company expects another very good summer of travel. Never before have so many holiday destinations been served by Lufthansa Group airlines as this year. The most popular summer destinations in 2024 are once again Spain, Portugal, Italy and Greece and, for long-haul travel, the USA, Japan and Southern Africa. This year, many holidaymakers will once again be able to afford a ticket in one of the premium classes. In addition to the very good demand in the private travel segment, the trend in the business travel segment is also positive. This applies in particular to long-haul flights. The Lufthansa Group is continuously expanding its offering here. In addition to the traditionally strong North American routes, demand from business travelers on the India and Japan routes in particular is growing this year.
Overall, bookings for the summer timetable (April to October) are 16 percent up on the previous year.
Guests can now also enjoy Lufthansa Allegris, the new travel experience on long-haul routes. Allegris will start regular scheduled service on May 1. The first Airbus A350-900 equipped with Allegris will fly from Munich to Vancouver on the Canadian West Coast. The second destination is Toronto, which will be served alternately with Vancouver on selected flights in the first few months. With further A350s delivered, the Allegris cabin will also be used on flights to Chicago and Montreal in the summer.
Financial outlook
The Lufthansa Group plans to increase available capacity in the second quarter to around 92 percent of the pre-crisis level. The increase will therefore be lower than originally planned due to further investments in operational stability and delayed aircraft deliveries. The company expects a year-on-year decline in unit revenues (RASK) in the low single-digit percentage range, partly because customers were reluctant to make short-term bookings for April and, to a lesser extent, May during the wage disputes that have now been resolved. Unit costs (CASK) are expected to increase in the low single-digit percentage range in the second quarter. Adjusted EBIT in the second quarter will therefore still be below that of the previous year. In line with the lower capacity in the first two quarters, the Lufthansa Group now expects to achieve a capacity level of around 92 percent of the pre-crisis figure for 2019 (previously: 94 percent) for the full year 2024.
In the third quarter, capacity is to be increased further to over 95 percent of the pre-crisis level. Based on incoming bookings, the Group airlines expect unit revenues (RASK) in the third quarter to be higher than in the previous year.
In the second half of the year, the Group’s operating result is expected to be higher than in the previous year. As already communicated on April 15, Adjusted EBIT for the full year is now expected to be around 2.2 billion euros (previously: stable earnings development compared to 2.7 billion euros in the previous year). For the Passenger Airlines, a decline in unit revenues (RASK) in the low single-digit percentage range and an increase in unit costs (CASK), also in the low single-digit percentage range, are expected for the full year. Excluding the effects of the strikes in the first quarter, unit costs (CASK) are expected to remain stable. Adjusted free cash flow is expected to be at least 1 billion euros (previously: at least 1.5 billion euros).
Further information
Further information on the results of individual business units will be published in the report on the first quarter of 2024. This will be published at the same time as this press release on April 30, 2024 at 07:00 CEST at www.lufthansagroup.com/investor-relations.
Lufthansa – Yes to Europe Airbus A320-214 WL D-AIUC (msn 6006) FRA (Bernhard Ross). Image: 963016.
Lufthansa previously announced:
A message at an altitude of over ten kilometers and spread across the entire continent! With the clear statement “Yes to Europe”, several Lufthansa Group aircraft will be flying across their European home from this week on. A total of four Airbus A320 will serve as ambassadors of the European idea shortly before the European elections. The eye-catching message can be read on the fuselage and is framed by the European star wreath.
European stars in the European sky
Lufthansa and Eurowings, which even has its connection to Europe at the heart of its brand name, will be the first to do so, each sending an aircraft with special foil into the European skies from this week. Next week, one aircraft each from Austrian Airlines and Brussels Airlines will take off.
On May 13, 2024, all four Lufthansa Group aircraft will then meet at Brussels Airport. Lufthansa had already branded an aircraft with a commitment to Europe before the European elections in 2019.
Top Copyright Photo: Lufthansa – Yes to Europe Airbus A320-214 WL D-AIUC (msn 6006) FRA (Bernhard Ross). Image: 963016.
Condor Airlines (DE) flight #DE2454 from Frankfurt arrived in Vancouver on April 25. The nonstop route to Frankfurt is now serviced by the airline’s new Airbus A330neo aircraft sporting Condor’s eye-catching, striped branding.
Photo: Condor
The A330neo arrived in Vancouver just in time for the start of the summer transatlantic travel season, when Condor will offer five flights weekly (Monday, Wednesday, Thursday, Saturday and Sunday) to its Frankfurt hub, with easy connections to 100+ destinations throughout Europe and beyond. The A330neo will replace the previous generation of Boeing 767 aircraft and will significantly reduce Condor’s operating costs and offer increased passenger and cargo capacity into the Vancouver market.
Photo: Condor
The A330neo is the new version of the popular A330 widebody. Incorporating the latest generation Rolls-Royce Trent 7000 engines, new wings and aerodynamic innovations, the aircraft reduces Condor’s fuel consumption and CO2 emissions by 20 percent. The A330neo consumes just 2.1 liters per passenger per 100 kilometers flown – — well below the industry average. It is the first aircraft in the world already certified for the regulatory reduction in CO2 emissions, which will be required by 2028, and that subsequently will reduce travelers’ environmental footprint. The A330neo supports state-of-the-art flight and navigation systems tailored to Condor’s exacting requirements, resulting in more noise- and CO2 -efficient approach and departure procedures, even at particularly high-altitude airports, reducing noise pollution by up to 60 percent.
Photo: Condor
Unrivalled Passenger Comfort Inflight
Condor’s A330neo will offer unrivalled inflight passenger comfort and will accommodate 310 passengers, featuring 30 seats in Business, 64 seats in Premium Economy and 216 seats in Economy class. The A330neo features an award-winning, whisper quiet Airspace cabin, providing passengers with a high level of comfort, ambience, and design. This includes offering more personal space, larger overhead bins, a new lighting system, and the ability to offer the latest in-flight entertainment systems and connectivity. The A330neo also features a state-of-the-art cabin air system, ensuring a clean and safe environment during the flight.
Best-in-Class, New Business and Premium Economy Class
The new Condor Business Class offers 30, lie-flat (180 degree) seats in a 1-2-1 configuration with direct aisle access for all guests. The seat conveniently converts to a 76-inch long by 19-inch-wide bed. Business Class guests have access to the latest movies, series, podcasts, and games, all accessible on a 17.3-inch screen in 4K mode, with touchscreen and remote control. The first row of Business Class will also feature four “Prime Seats”, with added space large enough to accommodate two guests who wish to dine together and an extra large, 24-inch entertainment screen. The “Prime Seats” will feature added in-flight amenities including a premium travel kit, inflight pajamas and a premium snack basket.
In Premium Economy Class, guests enjoy more personal space thanks to a generous extra seat pitch of 35 inches and a greater backrest angle of up to six inches. In addition, the multi-adjustable headrest and footrest at every seat ensure a significantly more comfortable flight experience. Both the Premium Economy Class and Economy Class seats have 13.3-inch in-seat 4K monitors with touchscreens, which can be used to enjoy the extensive in-flight-program. Condor’s A330neo features a 2-4-2 seating configuration in both classes.
A brand-new feature awaits guests in all three classes: Condor’s new A330neo offers high-speed broadband internet and onboard connectivity. The latest in-flight-entertainment technology provides a wide of films, series, and podcasts. Each seat has an extra holder for mobile device, so that streaming is also possible. In addition, personal Bluetooth headphones can be connected to the aircraft’s in-flight-entertainment system.
The cabin also features mood lighting in all three classes that can be individually adjusted to suit the time of day. This helps guests aboard to fall asleep easily and wake up more relaxed.
Photo: Condor
Modern Elegance with Stylish Accents
Visually, the new cabin product impresses with a stylish color concept featuring the “Condor Marina” and “Condor Earth” color schemes as well as subtle stripes as a recurring design element. This includes a striped badge on every seat as well as uniformly striped headrest covers in Business and Premium Economy Class. This complements Condor’s new branding which is proudly displayed on the exterior of each A330neo. The design of the cabin was implemented by the design agency müller/romca industrial design based in Kiel. Remo Masala, owner of the visionalphabet agency in Berlin, who designed Condor’s new brand identity, guided the process with creative direction.
Along with Vancouver, this summer Condor will operate from a total of 18 North American cities to Frankfurt: including Toronto (YYZ), Calgary (YYC), Edmonton (YEG) and Halifax (YHZ) in Canada and New York (JFK), Los Angeles (LAX), Seattle (SEA), San Francisco (SFO), Boston (BOS), Baltimore (BWI), Miami, (MIA), Portland (PDX), Minneapolis (MSP), Las Vegas (LAS), Phoenix (PHX), San Antonio (SAT), and Anchorage (ANC).
A message at an altitude of over ten kilometers and spread across the entire continent!
With the clear statement “Yes to Europe”, several Lufthansa Group aircraft will be flying across their European home from this week on.
A total of four Airbus A320 will serve as ambassadors of the European idea shortly before the European elections. The eye-catching message can be read on the fuselage and is framed by the European star wreath.
European stars in the European sky
Lufthansa and Eurowings, which even has its connection to Europe at the heart of its brand name, will be the first to do so, each sending an aircraft with special foil into the European skies from this week. Next week, one aircraft each from Austrian Airlines and Brussels Airlines will take off.
On May 13, 2024, all four Lufthansa Group aircraft will then meet at Brussels Airport. Lufthansa had already branded an aircraft with a commitment to Europe before the European elections in 2019.
Lufthansa and the trade union UFO have agreed on a new collective labor agreement for the approximately 19,000 cabin crew of Lufthansa Airlines[1]. The core of the agreement is a wage increase totaling 16.5 per cent (with interest effect 17.4 per cent) in several steps over the next three years. The collective labor agreement is valid until at least the end of 2026 and comes with a corresponding peace obligation.
Dr. Michael Niggemann, Chief Human Resources Officer and Labor Director of Deutsche Lufthansa AG:
“I am very pleased about the agreement with our collective bargaining partner UFO – for our colleagues in the cabin, who do an outstanding job every day, and also for our guests, who finally have planning security again in this regard when flying with Lufthansa. Our goal has always been to find a solution at the negotiating table together with the union. We have now succeeded in doing so. At the same time, the agreed salary developments in all professional groups are also an economic challenge that we now have to deal with.”
The new collective agreement in detail:
· Full inflation compensation premium of 3,000 euros net (part-time pro rata) as soon as possible
· Table increases: 8 per cent as of May 2024; a further 5 per cent as of March 2025 and 3.5 per cent as of March 2026
· Increase in purser allowances (Purser I to 700 euros, Purser II to 800 euros)
· Increase in holiday pay supplement to 1,250 euros
· Increase in foreign language allowance to 65 euros
· Term of at least 36 months
[1] The conclusion of the agreement is subject to approval by the committees.
The European Commission has informed Deutsche Lufthansa AG (‘Lufthansa‘) and the Italian Ministry of Economy and Finance (‘MEF‘) of its preliminary view that their proposed acquisition of joint control of ITA Airways (‘ITA‘) may restrict competition on certain routes in the market for passenger air transport services in and out of Italy. The Commission is concerned that customers may face increased prices or decreased quality of services after the transaction.
Lufthansa and ITA operate an extensive network of routes from their respective hubs in Austria, Belgium, Germany, Switzerland and Italy. Lufthansa has joint ventures with United Airlines and Air Canada for transatlantic routes as well as with All Nippon Airways for routes to Japan. The joint venture partners coordinate on price, capacity, scheduling, and share revenues.
The Statement of Objections
On 23 January 2024 the Commission opened an in-depth investigation to assess if Lufthansa’s acquisition of a stake in ITA may restrict competition in the provision of passenger air transport services in and out of Italy.
The Commission has conducted a wide-ranging investigation to understand the potential impact of the deal. This investigation has included, among others, analysing internal documents and detailed information provided by the parties and gathering information and views from competing airlines, airports, slot coordinators and customers.
The Commission has also considered proactive submissions from individual consumers, consumer representative organisations, airports, rival airlines and trade unions expressing their views in support of or against the transaction.
As a result of this in-depth investigation, the Commission is concerned that the transaction may:
Reduce competition on a certain number of short-haul routes connecting Italy with countries in Central Europe. On such routes, Lufthansa and ITA compete or will compete head-to-head mainly with direct, but also with indirect flights. Competition in such routes appears limited and comes primarily from low-cost carriers, such as Ryanair, who in many cases operate from more remote airports.
Reduce competition on a certain number of long-haul routes between Italy and the US, Canada and Japan. On such routes, ITA on the one hand and Lufthansa and its joint venture partners on the other hand compete head-to-head with direct or indirect flights. Competition from other airlines appears insufficient on those routes. In its assessment, the Commission treats the activities of ITA, Lufthansa and its joint venture partners as those of a single entity after the merger.
Create or strengthen ITA’s dominant position at the Milan-Linate airport, which could make it harder for rivals to provide passenger air transport services from and to Milan-Linate.
Every year, millions of passengers travel on those routes for a total annual spending of over €3 billion. The Commission’s objective is to ensure that the transaction would not lead to adverse effects for customers – consumers and businesses alike – in terms of increased prices or decreased quality of services. ITA has had a successful start to its operations. The Commission is concerned that, absent suitable remedies, the removal of ITA as an independent airline may have negative effects on competition in these already concentrated markets. The routes giving rise to potential concerns represent a small share of total short- and long-haul routes and passengers served by both parties and their joint venture partners, and the potential concerns do not affect the vast majority of routes that ITA operates.
A Statement of Objections is a formal step in an investigation, where the Commission informs the companies concerned in writing of the objections raised against them. The sending of a Statement of Objections does not prejudge the outcome of the investigation. Lufthansa and MEF now have the opportunity to reply to the Commission’s Statement of Objections, to consult the Commission’s case file and to request an oral hearing.
Lufthansa and MEF also have the possibility to put forward remedies to address the preliminary competition concerns identified by the Commission. They can decide to submit remedies at any time of the proceedings until the remedy deadline, which currently falls on 26 April 2024.
Companies and products
ITA, headquartered in Italy, is a full-service carrier with domestic and international operations in passenger and cargo air transport. ITA operates a hub-and-spoke network with its principal hubs in Rome and Milan. ITA was created by the Italian State in October 2020 and it had a successful year 2023. ITA is a member of the SkyTeam alliance.
Lufthansa, headquartered in Germany, is a global full-service carrier with domestic and international operations in passenger and cargo air transport. Lufthansa also operates a hub-and-spoke network with its principal hubs in Frankfurt, Munich, Zurich, Vienna and Brussels. Its subsidiaries include Austrian Airlines, Brussels Airlines, Eurowings, Swiss International Airlines and Air Dolomiti. Lufthansa is a member of the Star Alliance, of a transatlantic joint venture with United Airlines and Air Canada and of a joint venture for traffic between Europe and Japan with All Nippon Airways.
MEF carries out the tasks and responsibilities of the Italian government in the fields of economic policy, financial policy, budgeting, and tax policies. MEF holds shareholdings in public and strategic companies in Italy, among others in the transport sector, and it is currently the sole shareholder in ITA. The companies in which MEF has shareholdings are active worldwide.
Background
The transaction was notified to the Commission on 30 November 2023. On 8 January 2024, Lufthansa submitted commitments to address some of the Commission’s preliminary concerns. However, these commitments were insufficient, in terms of both scope and effectiveness, to clearly dismiss the Commission’s preliminary concerns. The Commission therefore did not test them with market participants.
The Commission opened an in-depth investigation on 23 January 2024 and has until 6 June 2024 to take a final decision.
The Commission has the duty to assess mergers and acquisitions involving companies with a turnover above certain thresholds (see Article 1 of the Merger Regulation) and to prevent concentrations that would significantly impede effective competition in the European Economic Area or any substantial part of it.
The vast majority of notified mergers do not pose competition problems and are cleared after a routine review. From the moment a transaction is notified, the Commission generally has 25 working days to decide whether to grant approval (Phase I) or to start an in-depth investigation (Phase II).
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