Lufthansa takes over bmi shares from SAS

With effect from November 1, 2009, Lufthansa-related UK holding company, LHBD Holding Limited (LHBD), will take over a further 20 percent stake in British Midland PLC (bmi). These shares are currently held by the SAS Group (SAS). Consequently LHBD will hold 100 percent in bmi.

Under the terms of the agreement, LHBD will acquire the 20 percent stake for approximately GBP 19 million. Furthermore, Lufthansa will pay SAS another GBP 19 million for the cancellation of its rights resulting from the shareholder agreement dated 1999.

Should Lufthansa decide, on the background of its strategic analysis, to sell bmi completely or parts of the company, SAS will under certain conditions receive an additional payment, within the next two years.

LHBD is a UK-based company, in which Lufthansa holds a 35 percent stake. After obtaining the necessary traffic rights, Lufthansa expects to be able to acquire 100 percent of LHBD.