Stodir

Stodir (Icelandic: Stoðir, formerly called FL Group) is an Icelandic investment company. It invests primarily in financial, insurance, real estate and retail companies. The company is the Icelandic capital Reykjavik. At the City of London is a branch.

Stodir became internationally known mainly through its subsidiary Icelandair Group in the past, but this was sold in October 2006. The members of the Icelandair Group airlines Icelandair, Icelandic Reykjavik Natura and others were around seven decades significantly in the Icelandic aviation and tourism industry.

History

The company was founded on July 20, 1973 under the name Flugleidir as a holding company of the companies Loftleiðir ( international appearance under the brands Loftleidir Icelandic, Icelandic Airlines, Icelandic ) and Flugfélag Íslands ( international appearance under the brand Icelandair ). In 1978, Flugleidir all the shares of both companies.

Flight social activities were outsourced in 2002, the subsidiary Icelandair Group. In 2005, the airline Flugleidir was converted into an investment company and the company name changed to FL Group. On 23 October 2005, the FL Group announced the acquisition of the Danish budget airline Sterling Airways. Furthermore, the FL Group at that time accounted for 16.18% of the British airline easyJet stopped line ( participation in EasyJet existed since October 2004 and initially was 8.4 %). On January 6, 2006 expressed Hannes Smárason, CEO of FL Group, the proposal, easyJet and Sterling Airways could merge. A short time later Ferðaskrifstofa Íslands was sold to Sumarferðir and car rental Icelandair Car Rental ( operated in cooperation with Hertz) was sold to Magnús Kristinsson, the owner of the Iceland subsidiary of Toyota. In February 2006 the FL Group announced its intention to place its subsidiary Icelandair Group on the Icelandic Stock Exchange. The proportion of easyJet was sold in April of the year for 325 million euros, which meant a profit of 140 million euros for which began in October 2004 investment. In October 2006, the Icelandair Group was sold.

In March 2008, held at the Finnair and the investment group active equity shares were sold in the following month acquired by the chairman of the FL Group, Jón Ásgeir Jóhannesson, controlled Styrkur Invest a share of 39 % of the company FL. After a buyback, FL Group was taken from the stock exchange on June 6. In the same month Jón Ásgeir Jóhannesson resigned from his post after he was convicted of violating laws on accounting. He was replaced by his wife Stefania Ingibjorg Pálmadóttir was chosen. On 4 July 2008, the FL Group announced that it had changed its name to Stodir and also acquired a 39 % stake in the retail group Baugur.

In the wake of the financial crisis starting in 2007, which brought the Icelandic financial sector and even the state of Iceland to the brink of insolvency, and the company Stodir ran into financial difficulties. After the largest investment of Stodir, the Glitnir bank ( share of Stodir: 32%) was partly nationalized, was Stodir filed in September 2008, State Administration and Stodir had to apply for a debt moratorium to prevent insolvency. This was extended in October 2008 to 20 January 2009.

Investments

• Baugur Group ( retail investor ): 39 %
• Bayrock Group: American real estate developer (2007 Stodir has a 50/50-Gemeinschaftsunternehmen with Bayrock founded )
• Glitnir (bank ): (32%)
• Landic Property (real estate investment companies in the Nordic countries ): 39.8 % (since 2007, already previously held smaller proportion )
• Refresco ( Europe's largest bottlers of fruit juice and soft drink brands, 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 % = biggest single shareholder )
• TM ( Tryggingamiðstöðin Ltd.; Icelandic insurance companies. ): 99% ( since 2007)