newstodate.aero
Feb 21, 2008 (newstodate): On February 5, 2008, the SAS board finally decided to sell off the SAS Cargo subsidiary, cargo handling provider Spirit.
But the sales plan has a 12-month horison.
SAS is bound by an agreement with the unions to observe a 12 months grace period in case of a decision to divest itself of its ownership majority in Spirit.
In addition, SAS remains bound by an agreement running till 2024 of integration of SAS Cargo staff in the SAS group concerning all the pertaining privileges.
After the decision to divest itself of its majority in Spirit, the process for SAS will therefore be first to denounce the majority clause of the integration agreement, thus activating the 12 month grace period, and then to proceed to negotiations with potential buyers aiming at a sale of the handling business.
But the sales plan has a 12-month horison.
SAS is bound by an agreement with the unions to observe a 12 months grace period in case of a decision to divest itself of its ownership majority in Spirit.
In addition, SAS remains bound by an agreement running till 2024 of integration of SAS Cargo staff in the SAS group concerning all the pertaining privileges.
After the decision to divest itself of its majority in Spirit, the process for SAS will therefore be first to denounce the majority clause of the integration agreement, thus activating the 12 month grace period, and then to proceed to negotiations with potential buyers aiming at a sale of the handling business.