10/3, 7:06 PM (Source: TeleTrader)
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Air France-KLM to acquire 20% stake in SAS

Scandinavian Airlines Systems (SAS) announced on Tuesday that Air France-KLM will become one of its major shareholders with a 19.9% stake following bankruptcy proceedings.

The company said in a statement that the other major investors will be Castlelake, which will take approximately 32% of SAS shares, the Danish state, which will get 25.8%, and Lind Invest, which will hold 8.6% of the equity. In addition, the airline stated that the total amount of the investment is expected to reach $1,175 million.

"The agreed investment is a key milestone in our SAS FORWARD plan, and it shows that our new investors believe in SAS and our potential to remain at the forefront of the airline industry for years to come," SAS President and CEO Anko van der Werff commented.

Baha Breaking News (BBN) / JJ