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SAirGroup completes sale of NuanceSAirGroup completes sale of Nuance
1-Jul-2002
The sale of The Nuance Group to Italy's Gruppo PAM and Stefanel was finalised today
Nuance was put on the market by parent SAirGroup in August 2001, and the purchase was agreed with Gruppo PAM on April 17.Stefanel exercised an option to buy 50% of the shares on May 8. Since then, the sale has been through regulatory approval and authorisations from the SAirGroup administrator as well as the Swiss bankruptcy courts.
The Nuance Group president and ceo Peter Petersen said: "It is a great feeling to know that our shareholders support our mission and place trust in our expertise. This is the basis for a healthy, lasting relationship."
Gruppo PAM ceo Arturo Bastianello and Stefanel chairman and managing director Giuseppe Stefanel also welcomed the completion of the deal, saying it would help grow and diversify their businesses.
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(1-Apr-2002) - INTERNATIONAL. The Nuance Group is to be sold to Italian retailer Gruppo PAM for SFr405m ($244m), a price less than half the value some analysts put on the company in August when the sale was announced. Troubled airline company SAirGroup?s need to improve cash flow and the hard-hitting effects of September 11 will have played a vital part in determining the final purchase price.
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