Nuance parent not for sale, says company

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SAirGroup, the parent company of the world's leading airport retailer The Nuance Group, has refuted industry rumours that the former is for sale.

Intense local media speculation in Switzerland suggested that "wide-reaching strategic decisions" had been made at yesterday's Board of Directors meeting.

Board chairman Dr Eric Honegger issued a statement saying: "A sale of Swissair was not and is not an option for discussion."

The company added: "Any changes in this strategy will be communicated to the public at the appropriate time."

The statement added: "The Board has a certain amount of understanding for the conjecture that preceded today's meeting. The current phase of industry consolidation places airlines under a great deal of pressure. This pressure is accentuated by high fuel costs, high dollar exchange rates and yield erosion.

"In the face of the ongoing shifts in the industry environment, the Board consistently weighs strategic options and investigates the opportunities and risks of various alternative scenarios. This is also what took place at today's meeting. The Board reserves the right to take action it deems appropriate to enhance the SAirGroup's positions and has assigned Group Executive Management with the task of analysing various possibilities in greater details. The Group's core airline strategy remains unchanged."

The Group said no additional statements would be issued.

SAir subsidiary, The Nuance Group, profiled in Duty-Free News International's October 15 issue, is enjoying a retailing resurgence under dynamic president and ceo Peter Petersen. It has strong retail interests in many locations including Australia, Canada, Switzerland and Europe. New Canadian ceo Roger Dunbar is interviewed in DFNI's December 1 issue, out soon.