Stodir
Stodir ( Icelandic : Stoðir , former name FL Group ) is an Icelandic investment company . It invests primarily in finance, insurance, real estate and trading companies. The company is based in the Icelandic capital Reykjavík . There is a branch in the financial center of London .
In the past, Stodir was best known internationally through its subsidiary Icelandair Group , which was sold in October 2006. Icelandair , Loftleidir Icelandic and others, which are part of the Icelandair Group , have been significant in the Icelandic aviation and tourism industry for around seven decades.
history
The company was founded on August 1, 1973 under the name Flugleiðir as a holding company for Loftleiðir (international presence under the brands Loftleidir Icelandic, Icelandic Airlines, Icelandic) and Flugfélag Íslands (international presence under the Icelandair brand). Flugleiðir took over all company shares in the two airlines in 1978 and merged them on October 1, 1979 to form one company, the newly founded Icelandair . At the same time Flugleiðir also acquired a majority stake in the charter airline Eagle Air of Iceland .
The airline activities were outsourced to the Icelandair Group subsidiary in 2002. In 2005 the holding company Flugleiðir was converted into an investment company and the company name changed to FL Group . On October 23, 2005, the FL Group announced the takeover of the Danish low-cost airline Sterling Airways . Furthermore, the FL Group held a stake of 16.18% in the British low-cost line easyJet at that time (the stake in EasyJet had already existed since October 2004 and was initially 8.4%). On January 6, 2006, Hannes Smárason, CEO of the FL Group, proposed that easyJet and Sterling Airways could merge. A short time later Ferðaskrifstofa Íslands was sold to Sumarferðir and the car rental company Icelandair Car Rental (operated in cooperation with Hertz ) was sold to Magnús Kristinsson, the owner of Toyota's Icelandic subsidiary . In February 2006, the FL Group announced its intention to list its subsidiary Icelandair Group on the Icelandic Stock Exchange . The stake in easyJet was sold in April of that year for 325 million euros, which meant a profit of 140 million euros for the investment begun in October 2004. In October 2006 the Icelandair Group was sold.
In March 2008, the shares held in Finnair and in the investment group Aktiv Kapital were sold; in the following month, Styrkur Invest, controlled by the chairman of the FL Group, Jón Ásgeir Jóhannesson, acquired a 39% stake in FL. After a share buyback , the FL Group was taken off the stock exchange on June 6th. In the same month, Jón Ásgeir Jóhannesson resigned after being convicted of violating accounting laws . His wife Ingibjorg Stefania Palmadottir was elected in his place. On July 4, 2008, the FL Group announced that it had changed its name to Stodir and had also acquired a 39% stake in the Baugur retail group .
In the course of the financial crisis from 2007 , which brought the Icelandic financial sector and even the state of Iceland to the brink of insolvency , the company Stodir also got into financial difficulties. After the largest investment of stodir that Glitnir -Bank (share of stodir: 32%) was partly nationalized, was placed stodir in September 2008 under state administration and stodir had to apply for a debt moratorium to the insolvency averted. This was extended in October 2008 to January 20, 2009.
Holdings
- Baugur Group (retail investor): 39%
- Bayrock Group : US property developer (in 2007 Stodir founded a 50/50 joint venture with Bayrock)
- Glitnir (bank): (32%)
- Landic Property (real estate investment company in the Nordic countries ): 39.8% (since 2007, previously held a smaller share)
- Refresco (Europe's largest bottlers of fruit juice - and soft drink - trademarks , German daughter Krings ): Since May 2006, the majority owner
- Royal Unibrew : second largest brewery group and largest beer exporter in the Nordic countries (25.54% = largest single shareholder)
- TM (Tryggingamiðstöðin Ltd .; Icelandic insurance company): 99% (since 2007)
Web links
Individual evidence
- ↑ Ownership ( Memento of the original from January 29, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Royal Unibrew website, accessed December 23, 2008.
