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Cargolux: "There is no deal, nothing is signed yet"
Economics

Cargolux: "There is no deal, nothing is signed yet"

05.10.2013 From our online archive
The OGBL has caused much discussion after releasing a Cargolux report. In it the union voices fears that a substantial chunk of the cargo company could be outsourced to China and thus warned of massive job cuts.

(ADW) During the course of the week, the OGBL has caused much discussion after releasing a Cargolux report. In it the union voices fears that a substantial chunk of the cargo company could be outsourced to China and thus warned of massive job cuts.

"There is no deal, nothing is signed yet", was the clear message from Luxembourg’s Minister of Sustainability, Claude Wiseler to the press following a Sustainability Commission meeting.

In the search for an investor

Following the withdrawal of Qatar Airways from Cargolux, the state has temporarily taken control of their shares, but should make an attractive share “package” up for grabs by the end of 2013. 

This means that a new investor must be found soon. Four companies in total have expressed interest, including the Chinese investment company HNCA.

For Minister Wiseler it is important that the price and the terms of the deal are right. A new Cargolux partner must also accept the company’s plans and growth strategies. 

In his statement to the press Wiseler said categorically; "there must be no job cuts and there shall be no outsourcing”.