Northwest Told to Limit Foreign Equity: Northwest...
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From Times Staff and Wire Reports
Northwest Told to Limit Foreign Equity: Northwest Airlines said the Transportation Department told it that despite new rules relaxing restrictions on foreign ownership, it must either place some of its foreign-owned equity in a trust or sell it. A Northwest spokesman said KLM Royal Dutch Airlines and the Australian conglomerate ELders IXL together own 68% of Northwest’s equity. In saying Wednesday that foreigners may own up to 49%, the department freed Northwest from a previous requirement that it redeem $250 million in KLM stock held in a trust.
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