SAS erhöht Anteil an Spanair (JK) auf 94,9%

[akayama]

SAS Group to increase holding in Spanair

 

The SAS Group has signed an agreement with Spanair's other principal

owner, Teinver S.A., which will result in the SAS Group increasing its

ownership holding in Spanair S.A. from 73.9 percent to 94.9 percent at a

price of MEUR 73,5 (MSEK 660).

 

The price is based on the same valuation of Spanair that was applied

when the SAS Group acquired a majority holding in the airline in 2002.

The remaining 5.1 percent will be retained by Teinver for the time

being, but there is a possibility for the company to sell its remaining

shareholding in Spanair to SAS. The SAS Group is also entitled to

acquire Teinver's remaining shares in Spanair on the same terms and

conditions as Teinver is able to sell its shares to the SAS Group.

 

This agreement follows the SAS Group's strategy of having a full

shareholding in its subsidiaries. It also gives Teinver a corresponding

possibility of selling its remaining shareholding in Spanair. Since the

SAS Group acquired its majority holding in Spanair, Spanair has improved

its profitability and, in its most recent interim report (for the third

quarter of 2003), the airline was able to post a pretax profit of 238

MSEK.

 

The SAS group regards Spanair as a highly attractive airline, in view of

its favorable position in the Spanish market, which is one of the

largest in Europe in terms of numbers of passengers and anticipated

faster growth than other European markets.

 

As a member of the Star Alliance, Spanair fulfills a major role for the

SAS Group and the Star Alliance in the Spanish market. Spanair is the

second-largest airline in the Spanish market, with a market share of

slightly more than 27 percent on its domestic routes. The company also

has at its disposal attractive takeoff and landing slots in Madrid,

Barcelona and Palma.

 

Spanair will continue its efforts to strengthen its position within

Spain and on routes between Spain and northern Europe, as well as

developing further its cooperation with other Star Alliance partners.

Spanair has an extremely competitive cost scenario compared with other

European airlines and the conditions are favorable for very high

profitability and growth in Spanair's operations through intensified

focus on the business segment.

 

No changes are planned in the structure of Spanair's management and

Board of Directors as a result of the transaction.

 

For further information

Gunnar Reitan, Executive Vice President & Deputy CEO, +46 8 797 2844,

+46 709 972844

Hans Ollongren, Senior Vice President, Corporate Communication & Public

Affairs,

+46 8 797 1950 or +46 709 97 19 50

Sture Stølen, Head of SAS Group Investor Relations, +46 8 797 1451

 

SAS GROUP CORPORATE COMMUNICATIONS