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TRANSNET TO REPURCHASE SWISSAIR STAKE IN SAA.
Cabinet on Wednesday approved the repurchase of the 20 percent stake of SA Airways held by Swissair. The shares would be bought back at 85 percent of their "fair value", Public Enterprises Minister Jeff Radebe told reporters after the fortnightly Cabinet meeting in Pretoria. These terms were in accordance with the shareholding agreement when Swissair bought the 20-percent stake at R1,4 billion in June 1999. Radebe said Swissair's financial difficulties were compounded by the September 11 terror attacks in the United States. This resulted in Swissair seeking a moratorium on debt enforcement in the Swiss courts. "The action constituted a default by Swissair in terms of the shareholders agreement between the Sair Group (Swissair) and Transnet," Radebe said. This default had provided the basis for Transet to re-acquire the 20-percent stake. Radebe said the exact price of the repurchase was being negotiated with Swissair. An agreement in principle has been reached. "After this Cabinet approval (of the principles), we will embark on negotiations with Swissair to arrive at the fair value." Clarity on the matter would be reached in the next week or two, for the deal to be finalised as soon as possible, Radebe said. ...
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- Newspaper article from: European Report February 27, 2002 700+ words
...Government is to acquire the SwissAir group's 20% stake in South...for Public Enterprises Jeff Radebe. The government, Transnet...a further 10% was sold to Swissair in June 1999 for 1.4 billion...was declared bankrupt. Mr Radebe indicated that Transnet was...
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- Press release article from: Business Wire January 4, 1999 700+ words
...knowledge management solution for Swissair's sales and marketing teams as...major milestone in the Cambridge/Swissair partnership, following Cambridge's work on the successful launch of Swissair's Website this past summer (see...
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- Press release article from: Business Wire May 4, 1995 700+ words
...The Belgian government, Sabena and Swissair signed an agreement today which should...collaboration between the air carriers Swissair and Sabena. The closer ties should in...bases of both companies, facilitate Swissair's access to the European market and...
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- Press release article from: PR Newswire September 8, 1995 700+ words
...Delta Air Lines (NYSE: DAL), Swissair, Sabena and Austrian Airlines today...corporate and national identities. Delta, Swissair, Sabena and Austrian today operate a...transatlantic competition by allowing Delta, Swissair, Sabena and Austrian to compete on equal...
- A scary Swiss meltdown; Swissair.(Company Profile)
- Magazine article from: The Economist (US) July 21, 2001 700+ words
...IT WAS a narrow squeak. On July 17th Swissair and the Belgian government, which between...troubled airline. The deal puts a cap on Swissair's liability and closes a dark chapter...remains in dire straits. On July 18th, Swissair's share price bounced up 17% off the...
