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Air France-KLM, together with a consortium of investment funds Castlelake and
Lind and the Danish state, is taking over the Scandinavian airline SAS. The
French-Dutch aviation group will receive a maximum of 19.9 percent of the
shares. As a result of the transaction, SAS will leave Star Alliance and join
SkyTeam, the airline alliance that also includes Air France and KLM. This was
announced this evening.
 
The four parties together pump almost 1.2 billion dollars into SAS, so that
the ailing company can exit the so-called Chapter 11 procedure in the United
States. The four together own almost all the shares. As a result, the
Scandinavian airline, which has bases in Denmark, Sweden and Norway, will
leave the stock exchange. SAS is largely led by Dutch people (ex-KLM
employees).
 
Air France-KLM CEO Ben Smith: "This is an important day for SAS and for Air
France-KLM. We are pleased to be part of the winning bidding consortium
selected by the SAS board. Air France-KLM looks forward to establishing strong
commercial ties with SAS. With its established position in Scandinavia and its
strong brand, SAS offers enormous potential to Air France-KLM." The
acquisition is still subject to approval by the authorities.
 
With the investment in and collaboration with SAS, Air France-KLM is taking an
important step in the consolidation of the European aviation sector. SAS's
three home markets (Denmark, Sweden and Norway) are very prosperous and
together have a population of over 20 million people. The company has a fleet
of almost 100 aircraft, including eleven widebodies (seven A330s and four
A350s). The European fleet largely consists of the modern Airbus A320neo
family.
 
The Danish government was already one of the shareholders of SAS, and is now
further expanding its stake to approximately 26 percent. 32 percent of the
shares go to Castlelake, and just over 8 percent to Lind Invest. Air
France-KLM therefore becomes the third largest shareholder.

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