PANALPINA, SWISSAIR PARENT TO FORM NEW COMPANY

   Swiss forwarder Panalpina and SAirGroup, the parent company of airline
Swissair, have signed an agreement to set up a jointly owned air cargo
company that will sell door-to-door air freight services with time-definite
guarantees to shippers.
   The new company, SwissGlobalCargo, will be the first such joint venture
established in the air freight industry between a forwarder and an airline
company. Panalpina will own 45 percent and SAirGroup will own 55 percent.
   Also part of the deal, Panalpina will buy the Swiss, Italian and
Austrian operations of SAirGroup’s forwarding subsidiary JackyMaeder Group.
JackyMaeder’s Asian operations will be taken over by German partner Hans
Geis.
   SAirGroup has agreed to purchase a 10-percent equity stake in Panalpina.
   Panalpina Chairman Gerhard Fischer said the new joint venture company
"is just the beginning of a collaboration that offers us both countless
opportunities to further consolidate our market positions."