Air-borne

Brussels, July 5 (AP): The European Union today allowed Lufthansa AG to proceed with its $374.7-million takeover of Swiss International Airlines.

Company officials said the deal’s approval, which is conditional upon the carriers surrendering slots at several airports, including hubs in Zurich and Frankfurt, would put the takeover on track for completion by 2006 at the earliest.

Under the terms of the approval, both airlines would have to give up slots ? as needed ? at Munich, Duesseldorf, Vienna, Stockholm and Copenhagen, said Lufthansa spokeswoman Christine Ritz.

“At the moment, we don’t have to give up the slots,” she said. “It’s only if there’s a new entrant or if there are no slots available. Right now, we’re still flying on all these destinations.”

The EU approval came after US antitrust regulators cleared the deal over the weekend.