Spanair Chairman Quits, Presents Offer for Airline

Gonzalo Pascual, chairman of SAS-owned carrier Spanair, quit his post on Thursday and launched a takeover bid for the airline, Spanair said. Mr. Pascual said in June he would make an offer for Spanair after SAS announced it planned to divest the carrier as part of a major restructuring and cost overhaul.

Spanair said Pascual’s business partner Gerardo Diaz Ferran, with whom he jointly controls the Marsans travel group, had also resigned as a board member.

Spanair was not available for further comment on the deal or what Pascual had offered for the company.

Pascual and Diaz Ferran founded Spanair more than 20 years ago as a two-plane charter operation and have developed it into Spain’s second-biggest airline with 70 aircraft and revenues of €1.1 billion euros ($1.55 billion) last year.

Pascual sold a majority share to the Nordic carrier in 2001 and sold his remaining 5 percent stake in June with the intention of then buying back 100 percent. Marsans already owns airlines Pullmantur, Air Comet and Aerolineas Argentinas.