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SAS takes total control of Spanair ahead of divestment

SAS Group has today confirmed it has agreed to take Marsans Group affiliated investment vehicle Teinver’s remaining 5.1% stake in Spanair ahead of its plan to sell the Spanish carrier.

The Scandinavian carrier and Marsans – through Teinver - held 49% and 51% of Spanair respectively until SAS increased its stake to nearly 75% in late 2001. It increased this again to nearly 95% in 2003.

Earlier this month SAS announced its plan to sell its stake in Spanair as part of a wide-ranging restructuring plan and Marsans owner – and Spanair president - Gonzalo Pascual immediately announced his intention to bid for the carrier.

As a precursor to launching its bid, Pascual said he had sold Teinver’s remaining 5.1% stake to SAS so that bidders could bid for 100% of the airline.

SAS Group today confirms it will complete the acquisition of this stake today, giving it 100% of Spanair as part of its preparation for divestment.

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