SAS sells bmi stake

Lufthansa now 100% owner 

SAS has agreed to sell its 20% stake in bmi to Lufthansa for a total of £38m.

Lufthansa now holds 100% of the shares in bmi having paid £19m for SAS's stake.

Under the terms of the agreement Lufthansa will pay SAS a further £19m for the cancellation of its shareholder rights.

Lufthansa must also make further payments to SAS if bmi's value increases, limited to the next two years.

SAS, which has held a stake in bmi since 1989, has indicated its intention to sell its shares since Lufthansa took over the British carrier in July this year.

Lufthansa was required to raise its stake in bmi to 80% in July after founder and chairman Sir Michael Bishop exercised a share option.

The German airline paid Sir Michael £223m to take control of bmi.

www.lufthansa.com   www.sas.com   www.flybmi.com