Catalana d'Iniciatives backs Spanair buyout

Reports suggest that the Consorci Turisme de Barcelona consortium and Catalana d'Iniciatives are in the process of acquiring an 80% stake in air carrier Spanair from SAS.

The air carrier controls 22% of the Spanish airline sector and provides 200 daily services. Last year it reported a EUR1.17bn turnover, with losses in the vicinity of EUR31.4m due to the increased price of fuel and price competition in the sector. The company has recently cut 400 jobs and has been looking for a financial backer for some time.

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