SAS enters into a cooperation agreement with Wider¿e`s Flyveselskap ASA
and buys shares in the airline from the Fred. Olsen & Co companies
Ganger Rolf ASA and Bonheur ASA.
SAS`s alliance strategy aims at strengthening the carrier`s
competitiveness and position in key markets. In addition to the global
Star Alliance, the strategy also comprises the development of
partnerships with selected regional airlines in the Scandinavian
Consequently, SAS and Wider¿e have signed a cooperation agreement which
will form the basis for a further expansion of the cooperation between
the two carriers. The agreement covers areas such as code-sharing on
certain routes, SAS`s Frequent Flyer program EuroBonus on Wider¿e`s
services, joint development of schedules, ticketing and distribution
technology and lounges. It is a natural extension of the current and
relatively comprehensive cooperation between the two airlines, for
instance on routes linking Torp and Copenhagen, Oslo-Gothenburg and
SAS and the Fred. Olsen & Co companies Ganger Rolf ASA and Bonheur ASA
have today agreed that SAS acquires the shares which the two companies
have in Wider¿e`s Flyveselskap ASA, a total of 63.2 per cent. Through
this agreement SAS acquires 29 per cent of the shares with immediate
effect. The two companies have a sales option with SAS concerning the
remaining 34.2 per cent on December 28, 1998. Until this date, SAS has
the right to acquire the shares at any time.
The agreed purchase price for the whole portfolio of 63.2 per cent is
325 million Norwegian kroner.
The agreement to acquire the shares is subject to approval by the
respective Boards as well as relevant authorities.