Sponsor Message:
Civil Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
SAS Take Over Of Braathens Approved  
User currently offlineTR From UK - England, joined May 2001, 953 posts, RR: 0
Posted (12 years 10 months 3 days 12 hours ago) and read 1145 times:

SAS acquisition of Braathens approved by authorities:
One of several agreed conditions for implementing the transaction is thereby fulfilled

The Norwegian Competition Authority (Konkurransetilsynet; "KT") has today announced its approval of the SAS' acquisition of the Norwegian
airline Braathens.

At the same time, SAS notes that the KT is not taking action for the moment against frequent flyer programs, corporate client agreements and agency deals.

Other terms in the agreement with Braathens' majority shareholders

It must be emphasised that the agreement between Braathens' majority shareholders and SAS contains a number of conditions in addition to approval by the authorities. Such conditions are customary in an
agreement of this kind, and relate in alia to the financial status of Braathens and to certain legal aspects.

Other conditions, including the acceptance of the offer by shareholders representing more than 90 per cent the Braathens shares and completion by 31 December 2001, must also be fulfilled before the transaction can be implemented.

It is unclear today whether the terms and conditions specified in the agreement are or can be fulfilled. This will be clarified in the immediate future.

Big challenges for the industry

SAS has been and remains of the view that consolidation is necessary to safeguard and strengthen Norway's civil aviation system, and thereby to secure satisfactory terms and competitiveness for this sector
internationally. The tragic events of 11 September have further underlined the need for such strengthening.

At the same time, it must be appreciated that the position in the civil aviation business has changed dramatically since the agreement was concluded in May. The whole industry faces very substantial challenges, and some companies are already experiencing acute financial problems. Norway's airlines are not exempted from similar challenges. SAS has already reduced its production by 12 per cent, taken 16 aircraft out of service and cut its workforce by the equivalent of about 1 000 full-time jobs. Other far-reaching measures are also being adopted to improve results.

SAS will now concentrate on the further process, which involves clarifying all the terms and conditions that must be fulfilled for the transaction to be implemented as agreed.

Source: SAS Communications

Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
SAS Acquisition Of Braathens Approved posted Tue Oct 23 2001 12:18:10 by SVG
Easyjet Take Over Of Go posted Fri May 17 2002 21:38:47 by Jgo
SAS Take Over... posted Tue Nov 27 2001 11:46:39 by Heisan67
Air Canada's Take Over Of Canadian Airlines posted Mon Jan 29 2001 03:18:34 by Boeing422
Air Canada's Take Over Of Canadian Airlines posted Sat Nov 4 2000 21:51:12 by VonRichtofen
Gulf Air To Take Over Management Of BAH posted Fri Jan 20 2006 00:15:26 by GF-A330
Air Asia To Take Over Some Of MH's Domestic Routes posted Tue Jun 28 2005 17:18:26 by SQuared
MN Gov Pawlenty-NWA To Take Over All Of Lindbergh? posted Tue Sep 21 2004 06:41:38 by Coronado
Texas Pacific To Take Over 10 To 15% Of Swiss posted Mon May 24 2004 09:19:55 by Speedbird747
Ryanair To Take Over SAS! posted Tue Apr 1 2003 12:54:43 by CPH-R