The governments of Sweden and Norway have announced they have successfully disposed of 23 million ordinary shares in SAS Scandinavian Airlines (SK, Copenhagen Kastrup) representing 7% of the carrier's total shareholding.
The sale, which occurred via an auction process conducted on Thursday, October 12, raised approximately SEK356.5 million kroner (USD40.3 million) in revenue and was considered "successful".
Buyers included investors from Norway and from abroad.
As it stands, Sweden and Norway's shareholding in SAS have been reduced to 17.2% from 21% and to 11.5% from 14%, respectively. Denmark, which owns 14% in SAS, did not participate in the sale.
Both the Swedish and Norwegian governments believe that in the long term, SAS will benefit from a changed ownership structure that entails reduced state ownership. This transaction is therefore the first step in their gradual divestment from SAS.
"The government is aiming to strengthen private ownership in Norway and this transaction is in line with this objective," Norway's Minister of Trade and Industry Monica Mæland said. "State ownership must be decided on a case-by-case basis. There are no good reasons why the state should own an airline."
