Scandinavian Airline Systems (SAS) will buy Braathens at NOK 27 (USD 2.99) per share, according to a Tuesday press release. The decision came after negotiations with major owners KLM and the Braathen family.
Recent developments in international air traffic have made it possible for the parties to agree an acceptable share price. The Braathens board has recommended the offer.
After long negotiations SAS has landed a much lower price than had originally been agreed, and achieves a near monopoly on Norwegian air traffic. The deal to take over the smaller Norwegian airline is worth about NOK 800 million (USD 88.5 million).
The main reason behind the approximately 20 percent savings is the current air travel crisis in the wake of the terrorist attacks on the USA on Sept. 11.