Air France-KLM chooses not to bid
Source: Agencies |
August 20, 2009, Thursday
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Print Edition
Print Edition
AIR France-KLM said yesterday it has pulled out of the bidding for Czech Airlines, also known as CSA, citing tough times for the airline industry.
Air France-KLM said in a statement that it informed the Czech Finance Ministry of its decision, and suggested that Czech Airlines focus on a recovery plan instead of a sell-off.
"The current economic environment has significantly impacted the airline business. Under such circumstances, Air France-KLM believes that CSA might focus on developing and implementing a stand-alone recovery plan aimed at restoring its profitability," the statement said.
The Czech state aims to sell its 91.5 percent stake in the carrier in a public tender this year.
Air France-KLM said in a statement that it informed the Czech Finance Ministry of its decision, and suggested that Czech Airlines focus on a recovery plan instead of a sell-off.
"The current economic environment has significantly impacted the airline business. Under such circumstances, Air France-KLM believes that CSA might focus on developing and implementing a stand-alone recovery plan aimed at restoring its profitability," the statement said.
The Czech state aims to sell its 91.5 percent stake in the carrier in a public tender this year.
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