Danish airliner Cimber Sterling Group (DC: CIMBER) took off on Friday on rumours of impending merger with Skyways Express. The company later dismissed those rumours, that had stemmed from CEO’s interview with business.dk, in a murky stock exchange release, but commented: ”Cimber Sterling has no knowledge of the potential new major shareholder's plans with Cimber Sterling, except their intention to create a Nordic airline”
The background of this story is that last month the struggling airliner entered into a non-binding term sheet with Mansvell Enterprises Ltd, a company majority owned by Ukrainian billionaire Igor Kolomoisky, for a potential capital injection via a directed issue of shares. If completed the deal would make Manswell the majority shareholder in Cimber Sterling with a 66.7% stake.
Manswell has recently acquired the previously mentioned Avia Express Sweden AB (Skyways) and Skyways recently bought another Swedish firm City Airlines . All of this explains how the CEO cannot outright deny that a merger is a possibility. Cimber Sterling ended up more than 50% for the day.
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