2-Oct-2009 8:57 AM

Lufthansa takes over bmi shares from SAS

Lufthansa announced (01-Oct-2009) that, with effect from 01-Nov-2009, Lufthansa-related UK holding company LHBD Holding Limited (LHBD) (which has held a 80% stake in bmi since 01-Jul-2009 and in which Lufthansa holds a 35% stake) will take over a further 20% stake in British Midland PLC (bmi). The shares are currently held by the SAS Group and with the transaction, LHBD will hold 100% in bmi. Under the terms of the agreement, LHBD will acquire the 20% stake for approximately GBP19 million, with Lufthansa paying SAS another GBP19 million for the cancellation of its rights resulting from the shareholder agreement dated 1999. Lufthansa added, should it decide, on the background of its strategic analysis, to sell bmi completely or parts of the company, "SAS will under certain conditions receive an additional payment, within the next two years". After obtaining the necessary traffic rights, Lufthansa expects to be able to acquire 100% of LHBD. [more - Lufthansa] [more - SAS]

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