newstodate.aero
Nov 12, 2014 (newstodate): The cooperation between Finnair and Flybe in the form of the joint company Flybe Nordic set up in 2011 did not last long.
Finnair has now announced they have agreed with Flybe to restructure the ownership of Flybe Nordic, and Flybe has agreed to sell its 60 percent stake in Flybe Nordic to a potential new majority shareholder or to Finnair for the price of one euro.
Flybe Nordic owns fully the Finnish subsidiary Flybe Finland, which is operating Finnair's regional flights.
Consequently, Finnair is now mapping alternatives to continue Flybe Finland's regional flying with a cost-effective business model and new ownership structure for Flybe Nordic. These alternatives include a potential new majority shareholder for Flybe Nordic.
The companies have not been able to arrive at a common understanding to resolve profitability issues and have accordingly signed an agreement under which it is intended that Flybe will exit Flybe Nordic by the end of 2014, subject to approval by the competition authorities.
The operations and flights of Flybe Finland will continue normally.
Finnair has now announced they have agreed with Flybe to restructure the ownership of Flybe Nordic, and Flybe has agreed to sell its 60 percent stake in Flybe Nordic to a potential new majority shareholder or to Finnair for the price of one euro.
Flybe Nordic owns fully the Finnish subsidiary Flybe Finland, which is operating Finnair's regional flights.
Consequently, Finnair is now mapping alternatives to continue Flybe Finland's regional flying with a cost-effective business model and new ownership structure for Flybe Nordic. These alternatives include a potential new majority shareholder for Flybe Nordic.
The companies have not been able to arrive at a common understanding to resolve profitability issues and have accordingly signed an agreement under which it is intended that Flybe will exit Flybe Nordic by the end of 2014, subject to approval by the competition authorities.
The operations and flights of Flybe Finland will continue normally.