SAS Rules Out Lithuanian Airlines Buy
Published:
26 April 2003 y., Saturday
Scandinavian airline SAS AB has ruled out bidding for state-owned Lithuania Airlines, but is still looking to expand in the Baltic states, a company official told Dow Jones Newswires Thursday.
"We have decided not to go take part in the privatization of Lithuanian Airlines as the stake would have been too small for us to live up to our financial targets," SAS press officer Ulf Thorne told Dow Jones Newswires.
However, SAS is still looking for expansion in the region and is interested in acquiring a stake in partly state-owned Estonian Air. Talks with Danish carrier Maersk Air, a unit of Danish conglomerate A.P. Moeller A/S (K.MAP), about buying its 49% stake in Estonian Air, failed recently.
Thorne declined to reveal why talks failed, but said SAS remains interested in buying the stake.
Estonian Air is 34% state-owned. Estonian investment bank Baltic Cresco Investment Group owns 17%.
Unlike the weak markets in Scandinavia and Western Europe, "the markets in the Baltic region are fast growing and Estonian Air posted its strongest earnings ever last year," Thorne said.
Estonian Air posted a profit of EUR2.5 million in 2002, up from EUR1 million in 2001. Sales grew to EUR53.7 million from EUR51.1 million.
Šaltinis:
biz.yahoo.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009.
more »
Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April.
more »
EU opens public debate on its agricultural policy, the prelude to a major reform in 2013.
more »
The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme.
more »
Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States.
more »
The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main.
more »
Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets.
more »
World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn.
more »
On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia.
more »
The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project.
more »