Cargolux delayed, but that is welcome!

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Cargolux delayed, but that is welcome!

No, nothing about a flight. But the so urgent sale of 35% of Cargolux to HNCA has to wait a bit. Well, who wasn't aware of that?

In early October we all learned about a so successful negotiation, that was about to be completed, and the heavenly deal would be completed right away. I guessed HNCA was ready to buy 35% of CV for a multiple of QR's $117.5 million. By the way, in early October we also knew that there were elections coming up on October 20.

So people were asking: "what's the rush?"

Well, they were going to get an answer in an information meeting, scheduled for last Monday. But the meeting got canceled, and no one knows why. That's great, because now, with that official retreat from transparency, we can speculate that the reason may be: it's really not such a good deal, or,  it is so bad that you cannot even trust the next government with just staying quiet about it, mostly if there is a change in government.

So on Thursday a "Comité Mixte" was to meet, and actually on Friday the Board was ready to rubberstamp the deal on the table. Rubberstamp is the politically incorrect way to say that the agreement would be submitted to the Board's approval. Those two things fell flat also.

As of today, Mr. Wiseler, (who somehow became the top dog after Mr. Frieden) wrote a letter to Mr. Bettel, assumed to be the next Prime Minister. I told you there would be elections. Somehow Cargolux weighed on those by the way. But it is nice that Mr. Wiseler writes a letter to the future government. It is the right thing to do.

So if the proposed partnership with HNCA is so overwhelmingly great, I don't doubt that Mr. Bettel already answered giving it his unrestricted support. And then Zhengzhou, here we come. Unless the shareholders after that tell their boss, the government, to get a checkup.