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SAS 'planning to sell off large parts of company'

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16:38 CEST+02:00
Scandinavian Airlines SAS is planning to announce a major reorganization, selling off large parts of the group, it has been reported.

Danish business newspaper Börsen reports that the company plans to sell its Spanish subsidiary Spanair, its SAS Ground Service operation and its 20 percent stake in British airline BMI. An evaluation will also be carried out into the prospect of selling SAS Cargo.

Citing 'well-placed sources' at SAS, Börsen said that the changes would be announced in a planned presentation by CEO Mats Jansson on Thursday.

The companies reported to be on the sale list account for 29 percent of the company's total turnover and 11,000 employees, 40 percent of its workforce.

The company's spokesman, Sture Stölen, would neither confirm nor refute the report, telling Börsen to "wait until this is presented in its entirety on Thursday.

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