newstodate.aero
Dec 19, 2008 (newstodate): After a period of stalemate, the future ownership structure of Latvia's successful airline, airBaltic has now been secured.
After failing to move the Latvian government to sell its 52.6 percent stake in airBaltic, the SAS Group has now agreed to sell its 47.2 percent minority stake in the carrier to airBaltic's management.
The price has been set at 220 mio Swedish Crowns, to be paid in cash no later than January 31, 2009.
In a statement, airBaltic pledges to maintain its cooperation with SAS on routes between Riga and Scandinavia.
After this, Estonia's Estonian Air is now the only Baltic airline with SAS ownership, with SAS holding 49 percent of the shares.
Estonian Air has earlier warded off SAS attempts to gain a majority stake, and a solution to the future ownership of Estonian Air will probably be found early in 2009, sources say.
After failing to move the Latvian government to sell its 52.6 percent stake in airBaltic, the SAS Group has now agreed to sell its 47.2 percent minority stake in the carrier to airBaltic's management.
The price has been set at 220 mio Swedish Crowns, to be paid in cash no later than January 31, 2009.
In a statement, airBaltic pledges to maintain its cooperation with SAS on routes between Riga and Scandinavia.
After this, Estonia's Estonian Air is now the only Baltic airline with SAS ownership, with SAS holding 49 percent of the shares.
Estonian Air has earlier warded off SAS attempts to gain a majority stake, and a solution to the future ownership of Estonian Air will probably be found early in 2009, sources say.