SAS Wants To Sell BMI Stake As Soon As Possible
June 16 2009 - 6:39AM
Dow Jones News
Scandinavian airline SAS AB (SAS.SK) aims to sell its stake in
British Midland Airways Ltd., or BMI, as "soon as possible," an SAS
spokeswoman told Dow Jones Newswires Tuesday.
SAS will be selling the 20% stake in U.K. carrier BMI, in
addition to stakes in other airlines, as part of its effort to
focus on core business, she added. She declined to comment on
whether SAS is in talks with German carrier Deutsche Lufthansa AG
(LHA.XE) regarding the sale. Lufthansa already holds a
30%-minus-one-share stake in BMI.
Last October, BMI founder and majority shareholder Michael
Bishop exercised an option that obliges Lufthansa to acquire
50%-plus-one-share in BMI, as part of a contract that was signed 10
years ago. Lufthansa has said preconditions for the deal haven't
been met. Bishop is now attempting to legally force Lufthansa to
carry out the purchase.
Company Web site: www.sasgroup.net
-By Kirsten Bienk, Dow Jones Newswires; +49 (0)40 3574 3116;
kirsten.bienk@dowjones.com