SAS shareholders spit out the "core"; Lufthansa jumps for joy. European share prices
On an otherwise quiet day on the market, SAS' new restructuring (to its "core SAS vision, divesting its investments and some 8,500 staff) didn't go down at all well with investors, at one stage yesterday losing almost 30% of value and ending 16.9% down - on top of the 40%+ that the shares lost last year.
At the other end of the see-saw, Lufthansa shares rose 7.8%, as speculators saw this as a good sign for the Star leader to buy into the Scandinavian market. A largely debt-free SAS, with a leaner workforce should make the carrier much more digestible for Lufthansa's network plans.
European selected airlines daily share price movements (% change): 03-Feb-09