Scandinavian Airlines wants to take over LOT Polish Airlines
Scandinavian Airlines or SAS is eying LOT Polish Airlines and wants to purchase it. Joergen Lindegaard, President of Scandinavian Airlines, has expressed his desire that he wanted to acquire the Polish carrier.
Lindegaard has expressed his intention at a time when the airline is already showing its interest in acquiring another airline, Lithuanian Air. Apart from this, Scandinavian Airlines is also on the verge of acquiring a 49 percent stake in Estonian Airlines. The airline said that the stake in Estonian Airlines is worth $22 million.
Karl Goiran Karlsson, General Manager of SAS – Poland, said that Scandinavian Airlines is though trying to purchase other airlines; it is however not making an excellent profit. He said that the only possible way to turn around the airline’s fortunes could be by expanding into profit-making operations.
LOT Polish Airlines is presently doing well. This year its profits are well above the industry average. Poland’s State Treasury is presently retaining a 68 percent stake in LOT Polish Airlines, while nearly 25 percent stake is being held by SR Group, the receiver of bankrupt Swissair's shares, who has until now been eagerly awaiting a buyer.
According to LOT Polish Airlines officials, the purchase by Scandinavian Airlines should not affect its business excessively. Robert Chorzewski, Spokesman for LOT Polish Airlines, said that every investor into the airline business is presently thinking about the positive. He said that even though LOT Polish Airlines is making a better return than Scandinavian Airlines at the moment, its involvement with LOT would however not be a threat.