MADRID--German carrier Deutsche Lufthansa AG (LHA.XE) and French
bank Societe Generale SA (GLE.FR) sold stakes in travel-technology
company Amadeus IT Holding SA (AMS.MC) for 448.6 million euros
($570 million), as airlines seek to secure cash to offset volatile
fuel costs and cut-throat competition in Europe.
HSBC, the bank involved in the transaction, said in a filing
with the Spanish market supervisor on Wednesday that more than 23.6
million shares in Amadeus were sold at EUR19 each. The package
represents a combined stake of close to 5.3% in the Madrid-based
company.
HSBC said Lufthansa sold more than 16.17 million shares in
Amadeus, representing a 3.61% stake.
Air France-KLM (AF.FR), a key Amadeus shareholder, previously
conducted a derivatives transaction with Societe Generale SA on a
package of Amadeus shares. The French bank then sold on Wednesday
more than 7.44 million shares, or a 1.66% stake in the company.
Amadeus shares in morning trading were down 1.6% at EUR19.04.
Trading of the company's shares was suspended earlier in the
session, ahead of the release of the transaction's details. Amadeus
has a market value of about EUR8.5 billion and 448 million shares
outstanding.
Iberia, the Spanish wing of International Consolidated Airlines
Group (IAG.LN) and an Amadeus shareholder, also conducted a
derivatives transaction with Amadeus shares earlier this year to
protect the value of its investment amid weak domestic demand in
Spain.
Air France also has sold Amadeus shares earlier this year. The
French carrier had a 7.7% stake in Amadeus, according to the latest
regulatory records.
Lufthansa, which had 7.61% of the Madrid-based company, said
late Tuesday it will transfer the rest of the shares it owns in the
company to its pension fund unit.
Write to Santiago Perez at santiago.perez@dowjones.com