Marsans Pulls Out Of Spanair Bidding

February 14, 2008

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Grupo Marsans has pulled out of bidding for SAS unit, Spanair, Spanish papers quoted Marsans as saying on Wednesday, leaving the path clear for a possible approach from Iberia.

The unlisted Spanish travel firm, owner of Aerolineas Argentinas, said it had withdrawn an offer made last year for the Spanish budget airline due to unfavorable market conditions, newspaper web sites said, quoting a Marsans statement.

Spanish flag carrier Iberia declined to comment on media reports last month it had hired Morgan Stanley to investigate a bid for Spanair and was preparing a bid that could be ready by mid-February.

SAS said earlier this month the value of the Spanair unit had been negatively affected by global market turmoil, but that the sale would still go ahead, declining to give a value for the subsidiary.

SAS has said it hopes to close the sale in the first half of 2008.

(Reuters)