Korean Air will hold onto Ceske Aerolinie for five years

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Korean Air will hold onto Ceske Aerolinie for five years

Korean Air Lines pledged to hold its stake in Ceske Aerolinie AS for five years, while CSA’s majority owner will refrain from making “significant” changes in its strategy, according to terms of this week’s sale.

Cesky Aeroholding AS Chief Executive Officer Miroslav Dvorak said yesterday in Prague that the 2.64 million-euro ($3.4 million) contract accepted by the Czech government this week includes a provision for Korean Air to keep a minimum 34 percent stake in the carrier over the five-year period. Korean Air, which is a member of the same Skyteam alliance as CSA, was the only bidder for a 44 percent stake in the unprofitable national airline, based at Prague’s Vaclav Havel Airport.

The sale of the CSA stake should be finished in the first half of 2013.

Bloomberg

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