|Bid||13.80 x 0|
|Ask||13.84 x 0|
|Day's Range||13.41 - 13.90|
|52 Week Range||11.62 - 24.96|
|Beta (3Y Monthly)||0.56|
|PE Ratio (TTM)||15.10|
|Earnings Date||Dec 5, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||26.17|
(Bloomberg) -- Telia Co. proposed replacing Chairman Marie Ehrling with Swedish industry veteran Lars-Johan Jarnheimer after its largest shareholder, the Swedish state, requested a change of board leadership.The government has called for the company to hold an extraordinary general meeting to appoint a new chairman, according to a statement on Sunday. Ehrling has been in the position since 2013.“Lars-Johan is strongly business minded and has extensive experience within telecommunications,” Daniel Kristiansson, the head of Telia’s nomination committee, said in the statement.The move coincides with the departure of Telia Chief Executive Officer Johan Dennelind, who announced in August that he would leave after six years at the helm, and raises questions about the company’s move into media content, a key part of the strategy pursued by Dennelind and Ehrling.Telia’s acquisition of Bonnier AB’s TV operations was widely criticized by government representatives as well as opposition parties, and the reshuffle “raises uncertainty” about how Telia’s new management and board will act in relation to the purchase, DNB analyst Stefan Gauffin said in a note. The deal is currently under a European Commission review.“It is a question whether the state also will push for a breakup of Telia Sweden into an infrastructure company and a commercial company focusing on the end users,” Gauffin said. A split could open the way for the government to divest its share in Telia’s consumer-facing business while maintaining control over network assets seen as important for national security.Telia gained as much as 3.7% on Monday, the most in 15 months. Shares had been little changed so far this year before Monday, while the benchmark OMX Stockholm 30 Index had gained about 21%. Since Ehrling became chairman in April 2013, the stock is down 6.8%. In that period, the OMXS30 index has gained almost 42%.Jarnheimer, 59, was CEO of Telia rival Tele2 AB between 1999 and 2008 and has served on boards of companies including Millicom International Cellular SA, Modern Times Group AB and SAS AB.Start ImmediatelyIn an interview with Dagens Industri newspaper, Ehrling said she had planned to step down as chairman at the annual general meeting in the spring of next year. She said it was up to the Swedish state to comment on the reasons for the change, and said Jarnheimer is “a very good choice” of successor.“It is important to enable the new chairman to start his work immediately, and hence, the state has chosen to call an extraordinary general meeting,” Minister of Enterprise Ibrahim Baylan said in an email. “Ehrling has done admirable work for the company during many years.” The government’s stake is about 38%.Telia, is currently run by Chief Financial Officer Christian Luiga as acting CEO. According to Ehrling’s interview with Dagens Industri, that process of finding a permanent replacement is now almost completed and should be concluded before she departs.Dennelind and Ehrling were brought in after Telia’s reputation had been tarnished by revelations of corruption in Uzbekistan, and led a retreat from Central Asia to focus on Nordic expansion.Media PushKeen to add media and content to Telia’s broadband, cable and mobile businesses, Dennelind oversaw a 9.2 billion-krona ($953 million) bid for Bonnier’s television operations, including TV channels and video-streaming services such as Sweden’s TV4, MTV in Finland and C More. In its third-quarter report on Oct. 17, Telia said it expects the European Commission to have made its final decision on that deal by Nov. 19.Under Dennelind, Telia started to exit markets such as Azerbaijan, Georgia and Kazakhstan. That marked a U-turn by the former Swedish phone monopoly, which under Dennelind’s predecessors Lars Nyberg and Anders Igel had pushed into the former Soviet Union, back when western companies were attracted to its political opening in the 1990s.Late last year, Dennelind announced the sale of Telia’s stake in Uzbekistan’s Ucell, which marked the final exit from a venture that led to penalties of almost $1 billion to U.S. and international authorities to settle a graft probe.(Adds details, comments from analyst and Minister of Enterprise from fourth paragraph.)To contact the reporters on this story: Niklas Magnusson in Stockholm at email@example.com;Niclas Rolander in Stockholm at firstname.lastname@example.orgTo contact the editors responsible for this story: Jonas Bergman at email@example.com, ;Tasneem Hanfi Brögger at firstname.lastname@example.org, Jennifer Ryan, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The CEO of Scandinavian Airlines operator SAS Group expects governments to put in place tougher regulations on airlines unless the industry makes significant progress on reducing its environmental impact. Asked on an earnings call about the potential for further environmental taxes, Rickard Gustafson said it was clear that this was increasingly the direction of travel. […]
Investors can approximate the average market return by buying an index fund. But if you buy individual stocks, you can...
COPENHAGEN, Denmark (AP) — Faced with growing consumer concern about the climate impact of flying, Scandinavian Airlines said Tuesday it will stop selling duty-free goods on planes to reduce weight and save fuel as part of a wider range of measures to cut emissions.
The largest European airline CEOs often complain about too many carriers fighting for market share. Yet there's little indication more industry consolidation is coming soon, at least among the continent’s larger independent legacy carriers. All it takes is one deal to get things moving. But there's some indication the rise of nationalism in European politics […]The post European Governments See Renewed Importance of National Airlines appeared first on Skift.
Scandinavian airline SAS warned it would struggle to meet its full-year results forecast after posting a sharp rise in second-quarter pretax losses on Tuesday, as it counted the cost of a recent strike by pilots. Struggling with high fuel prices and cut-price competition from the likes of Norwegian Air and Ryanair, SAS is renewing its aging fleet and has been restructuring for years to slash costs. It cancelled around 4,000 flights between April 26 and May 3 as pilots demanding better pay and working conditions went on strike, disrupting the travel plans of 370,000 customers.
COPENHAGEN, Denmark (AP) — Scandinavian Airlines says that a six-day pilot strike that led to the cancellation of 4,000 flights and affected more than 370,000 passengers cost 650 million kronor ($68 million).
Norwegian Air filled more seats on its planes and earned higher revenues per customer in April while dealing with the grounding of its 18 Boeing 737 MAX aircraft, it said, sending the company's shares sharply higher in early trade. The company said last month that the global grounding of 737 MAX jets, which followed deadly crashes of airliners in Indonesia and Ethiopia, could scupper Norwegian's plan to return to profitability this year. While analysts had anticipated an income boost, there had been uncertainty about the impact of the 737 MAX groundings, as well as a strike among pilots at rival SAS.
OSLO/STOCKHOLM (Reuters) - SAS reached a deal with unions to end a week-long strike by pilots that has grounded 380,000 passengers in a costly conflict that has dented the Scandinavian airline's prospects of making a profit this year. SAS Chief Executive Rickard Gustafson said the airline and the unions agreed on a 3.5 percent salary increase in 2019 as part of a new three-year collective agreement. SAS had cancelled more than 4,000 flights as of Thursday after pilots went on strike on April 26 over wages and working conditions.
COPENHAGEN, Denmark (AP) — Scandinavian Airlines and its pilots have reached a three-year collective bargaining agreement that put an end to a six-day strike that grounded more than 4,000 flights and affected hundreds of thousands of passengers.
STOCKHOLM (Reuters) - SAS AB's top executive said late on Thursday that the Scandinavian airline and its pilot unions in Sweden, Denmark and Norway had reached a deal to end a strike that has affected ...
Scandinavian airline SAS and unions have not yet reached a deal to end a pilot strike that has affected hundreds of thousands of travellers over the past week, a Swedish employers organisation said on ...
Scandinavian airline SAS and unions are close to reaching a deal to end a pilot strike that has grounded 380,000 passengers over the past week, Norwegian media reported on Thursday. SAS shares were up 9 percent to 18.89 Swedish crowns at 1415 GMT, following the reports by daily VG, public broadcaster NRK and business daily DN, which all cited unidentified sources. The airline, the Norwegian and Danish pilot unions and the Norwegian employer organisation were not immediately available for comment.
OSLO (Reuters) - Scandinavian airline SAS is close to reaching an agreement with labour unions representing the carrier's pilots to end a strike at the company, Norwegian newspaper VG reported on Thursday, ...
COPENHAGEN, Denmark (AP) — Scandinavian Airlines is canceling more flights as talks between the carrier and the striking pilots continued in the Norwegian capital.