Lufthansa ditches SAS takeover plans: report
Jennifer Heape - [email protected]
Published: 12 Nov, 2008 CET.
Updated: Wed 12 Nov 2008 15:45 CET
German airline Lufthansa has backed out of discussions on the possible takeover of struggling Scandinavian Airlines (SAS), German newspaper Süddeutsche Zeitung reports.
SAS has logged losses for the past four financial quarters amid attempts to restructure its embattled Spanish subsidiary, Spanair.
Lufthansa declined to comment on the alleged breakdown in negotiations and would not confirm that takeover talks had taken place.
"It is Lufthansa policy to never comment on market speculation," explained spokeswoman Claudia Lange to The Local.
SAS was hit hard by the Madrid crash of a Spanair plane in August, which left 154 people dead.
The company posted a third quarter net loss last week of 2 billion kronor ($260 million).
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SAS has logged losses for the past four financial quarters amid attempts to restructure its embattled Spanish subsidiary, Spanair.
Lufthansa declined to comment on the alleged breakdown in negotiations and would not confirm that takeover talks had taken place.
"It is Lufthansa policy to never comment on market speculation," explained spokeswoman Claudia Lange to The Local.
SAS was hit hard by the Madrid crash of a Spanair plane in August, which left 154 people dead.
The company posted a third quarter net loss last week of 2 billion kronor ($260 million).
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