newstodate.aero
Feb 15, 2006 (newstodate): Swedish lcc FlyMe has now agreed with the owners of Lithuanian Airlines to acquire the airline, subject to due diligence.
The agreement was initiated by two major share holders in FlyMe, Icelandic investment company Fons and Sweden based Cognition. New shares will be issued to FlyMe for 33 percent of the total shares.
FlyMe will gain control of Lithuanian Airlines with the appointment of a new managing director and the majority of the board of directors, including the chairman of the board, and the company will be fully taken over within three years.
With this take-over, all three Baltic airlines will be controlled by outsiders.
SAS already controls Estonian Air and airBaltic, but eventually pulled back from taking over Lithuanian Airlines, using instead airBaltic to penetrate the Lithuanian market.
The agreement was initiated by two major share holders in FlyMe, Icelandic investment company Fons and Sweden based Cognition. New shares will be issued to FlyMe for 33 percent of the total shares.
FlyMe will gain control of Lithuanian Airlines with the appointment of a new managing director and the majority of the board of directors, including the chairman of the board, and the company will be fully taken over within three years.
With this take-over, all three Baltic airlines will be controlled by outsiders.
SAS already controls Estonian Air and airBaltic, but eventually pulled back from taking over Lithuanian Airlines, using instead airBaltic to penetrate the Lithuanian market.