The resolution committee of Landsbanki Bank has acquired the almost 24 percent stake that Langflug held in Icelandair Group, as announced today. The shares were collateral for loans that were granted to Langflug to purchase stock in Icelandair Group.
With this move, three state-run banks, Landsbanki, Íslandsbanki and Sparisjódsbankinn, hold a combined 80 percent share in Icelandair, ruv.is reports.
Last week, Íslandsbanki increased its stake in Icelandair Group to 47 percent by taking over the shares of investment companies Máttur and Naust.
Langflug’s debts to Landsbanki’s resolution committee drops by approximately ISK 1 billion (USD 7.8 million, EUR 5.6 million) after the resolution committee acquired the Icelandair Group shares at the share price of ISK 4.5.
The largest shareholder in Langflug is Finnur Ingólfsson, former MP, minister and Central Bank governor.
Icelandair Group will have a board meeting today and a shareholders’ meeting is expected to be held in the coming weeks.
According to an announcement from Landsbanki, its acquisition of Langflug’s shares in Icelandair Group will not have any effect on Icelandair’s daily operations.
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