FlyMe plans Nordic takeover

Swedish budget airline FlyMe is to buy its Copenhagen-based competitor Sterling for around 2 billion kronor, according to the paper Finansavisen in Norway.

FlyMe is also said to be keen on joining forces with airlines Norwegian and Finnair in a bid to become a Nordic budget air giant, said the paper.

“I can confirm that we are exploring a cooperation with Stirling,” said financier Christen Ager-Hanssen, who owns 16% of FlyMe.

Norwegian already cooperates with Stirling and Nordic Airlink, which is owned by Finnair.

In a press release FlyMe said that it “intends to participate in coming operations in the European airline industry which for FlyMe can entail making major acquisitions shortly, or alternately evaluating major share offers.”

Icelandic Fons, controlled by financier Palmi Haraldsson, is a major owner in both FlyMe and Sterling.

Last year FlyMe made a loss of over 170 million kronor, but generated 270 million kronor earlier this year in a new share issue.

The company is also in the process of taking over Lithuanian Airlines.


Police raid law firm linked to Fly Me

Lawyer Staffan Edh has resigned from law firm Hamilton in Gothenburg following speculation about his role on the Fly Me affair.

Police raided the offices of the law firm on Friday. One of the reasons for the raid was a client account not included in Fly Me’s accounts, which was controlled by Edh and Chairman of the Board, Björn Olegård.

No other board members had access to the account at the law firm, SVT reports.

Staffan Edh is a board member of Fly Me Sweden, which recently went bankrupt, and parent company Fly Me Europe. On Wednesday Hamilton announced that it was to look into Edh’s role in the bankruptcy.

“I think it is the right decision on his part,” said Hamilton’s CEO Mikael Wahledow.