Scandinavian carrier SAS is to sell its 20% stake in UK airline bmi.
As part of a re-structuring plan aimed at concentrating the airline on Northern Europe, SAS also plans to sell its 95% holding in low cost carrier Spanair and its 37.5% stake in Air Greenland.
The carrier may also off load other parts of its operation including its ground services, technical service and cargo units.
The carrier, partly owned by the governments of Sweden, Norway and Denmark, said in a statement that it wanted to concentrate on its "core business – flying to, from and within Northern Europe."
Explaining the "new direction", Mats Jansson, SAS's ceo, said: "The airline market is changing rapidly. We want to be in the forefront in terms of giving customers the best service and the most attractive fares."
Mr Jansson said that to ensure development and cover our future investment needs "we must from now until 2011 increase our pre-tax profit to approximately SEK 4bn (425m) per year while simultaneously lowering our costs by SEK 2.8bn (297m)."
Mr Jansson said the airline also had to abandon the "strike culture that has long existed at SAS."
He added: "This will ensure our future as a strong and independent airline and also give us an opportunity to involve employees in the value that is created through profit sharing and part ownership."
'Environmental issues here to stay' - Kirnberger
Environmental issues were here to stay and travel managers must develop strategies to cope with them, Michael Kirnberger said.
Mr Kirnberger, president of the VDR, the German travel managers' association said: "Sustainability and travel - you can love that topic, you can hate it, but you can't ignore it. It is here to stay and travel managers had better develop their strategies."
He was speaking at the first joint forum held by the VDR and the Association of Corporate Travel Executives (ACTE) in Frankfurt.
The two key issues discussed by the delegates were the need for initiatives to support sustainability and the corporate duty of care for employees on business trips.
Delegates were advised how corporate social responsibility could improve travel policy compliance and bring savings.
Susan Gurley, executive director of ACTE, said: "The joint forum between ACTE and the VDR was an important link in a series of events analysing the principles of CSR as new business fundamentals.
“While raising industry consciousness regarding CSR is still an essential part of the process, we are committed to developing more detailed and sophisticated environmentally-sensitive travel programmes as this concept matures."
* see BTE's recruitment site www.businesstraveljobs.com