SAirGroup, the parent company of Switzerland's national carrier, Swissair, has revealed they are close to finding a partner for the German travel charter, LTU. The SAirGroup said negotiations with the commercial giant, ReWe, were in the final stages.This content was published on August 20, 2000 - 17:17
SAir holds a 49,9 per cent stake in LTU, which is based in Düsseldorf. SAir could use Monday's announcement of its financial results to close a deal with ReWe.
SAir would not comment on the extent of ReWe's participation in the goup.
SAir has been looking for a partner that could overhaul LTU, Germany's fourth largest travel concern, which has been in the red.
The head of SAirGroup, Phillipe Bruggisser, has already indicated that involvement with LTU would cost them around SFr112 million this year.
Since SAir's takeover of LTU in 1998, Bruggisser admitted that LTU was the source of most of SAir's troubles. Finding a partner has also proven troubelsome.
Negotiations with the British company, Airtours, failed recently.
Meanwhile, SAir has dismissed newspaper reports of an alliance between British Airways and Swissair as pure speculation.
swissinfo with agencies
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