(AP) -- Swissair parent SAirGroup said Wednesday it is taking a 37.6 percent stake in the state-owned Polish airline, LOT.This content was published on October 20, 1999 - 17:09
(AP) -- Swissair parent SAirGroup said Wednesday it is taking a 37.6 percent stake in the state-owned Polish airline, LOT.
SAirGroup said it has been "selected by the Polish government as a strategic partner" for LOT in a plan that calls for it to complete the deal by the end of this year.
LOT should become a member of the Qualiflyer Group Alliance, which includes Swissair, Sabena, TAP Air Portugal and Turkish Airlines, in January, SAirGroup said in a statement.
The value of the deal wasn't disclosed. "Negotiations on the concrete form of the cooperation are ongoing," SAirGroup said.
"Our new partner has substantial market potential and LOT's Warsaw hub ideally enhances the Qualiflyer Group's position in Eastern Europe," said SAirGroup chief executive Philippe Bruggisser.
The Polish airline generated operating revenue last year of SFr840 million ($568 million), the Swiss company said. It has 4,150 employees and 28 aircraft.
In September, Austrian Airlines said it was pulling out of a the European grouping to join Germany's Lufthansa and U.S. partner United Airlines. Last week, Swissair, Delta Air Lines, Sabena and Austrian Airlines said they had agreed to disband their trans-Atlantic code-sharing alliance.
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