KLM Royal Dutch Airlines and Scandinavian Airlines System (SAS) have concluded an agreement on the sale of KLM’s 30 percent holding in Norwegian airline Braathens to SAS. Similar agreements have been concluded between SAS and other major shareholders.
Once SAS has completed the acquisition of more than 90 percent of the Braathens stock, KLM will receive approximately EUR 34 million for the 9.66 million shares KLM holds in Braathens. Consequently KLM will only suffer a limited book loss on this transaction. SAS will also repay approximately EUR 74 million to KLM for loans to Braathens.
The transaction will be included in KLM’s results for the current, third, quarter of the 2001/02 fiscal year ending March 31, 2002.
KLM and SAS have agreed that Braathens will continue to operate services between the Norwegian cities of Bergen and Stavanger, and Amsterdam, through March 31, 2002. KLM will take over operation of these services effective the start of the summer 2002 schedule.