| Islandsbanki owns 47% of Icelandair |
| Monday, 18 May 2009 15:40 |
 Islandsbanki has taken over 42% shares of Icelandair Group. In the announcement from the bank says that this will not affect the daily operations of the company. The aim is for selling the shares in an open and transparent sales process. The bank now owns 47% of the company. Islandsbanki took over the shares on the rate of 4,5 per share which is the last registered rate of the shares in the company. The shares that Islandsbanki hf has taken over today were insurances for loans because of purchases of shares in Icelandair Group. Then the Financial Supervisory Administration took a decision about thet Islandsbanki should be granted an authorization without conditions to make a take over offer in Icelandair Group because of the special circumstances the bank is in as a claim owner against large shareholders of the company. In the announcement from Islandsbanki says: "The practices of Icelandair Group hf were better in the first quarter of 2009 than anyone planned for. The company has during the last few months been working on a financial reorganizing of the company in co-operation with Islandsbanki hf. That plan has been working well and it is the will of the bank to continue the co-operation with the current administrators of the company. Shares of the company still registered in Nasdaq OMX stock exchange Icelandair Group hf is registered in Nasdaq OMX stock exchange and the shareholders of the company in total around 850. The company has 12 subsidiaries that operate in flying and travel industry here in Iceland and abroad and around 4000 persons work for those companies. It is the plan of Islandsbanki that Icelandair Group hf continues to be registered in Nasdaq OMX stock exhange. The owners share of the bank will be sold in an open and transparent sales process as possible. The FSA has approved a waiver for Islandsbanki hf for takeover duty but limited the voting right of the bank to 30% of active votes. IT is expected that a shareholders meeting will be announced soon. "
News Article by noname Translated by Anya Original Article in Icelandic
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