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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not confirm the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups concerned:
- The acquirer: the company “Air France-KLM SA”;
- The target: the company “SAS AB”.
Nature of the operation:
- Exclusive control acquisition
Economic sectors concerned:
- Passenger and freight air transport sector.
Deadline for interested third parties to submit their observations:
- 10 days from the date of publication of this press release, i.e., October 5, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council has received notification of an economic concentration project consisting of the exclusive takeover by the company “Air France-KLM SA” of an additional 40.6% of the share capital and voting rights of the company “SAS AB”, through the purchase of shares held by the companies “Castlelake” and “Lind Invest”.
Following the proposed operation, the company “Air France-KLM SA” will hold exclusive control of the target, the company “SAS AB”, with 60.5% of the share capital, alongside the Danish State (via the Ministry of Finance “MoF”) holding 26.4% and other shareholders holding 13.1%.
“Air France-KLM SA” is a French public limited company registered in Paris, France, established in 2004, registered under number 552 043 002 RCS Paris. “Air France-KLM SA” is the holding company of the “Air France-KLM” group. Its shares are listed on the Euronext Paris and Euronext Amsterdam stock exchanges. The company specializes in global passenger and freight transport, as well as aircraft maintenance.
“SAS AB” is a Swedish public limited company established in 1946, registered in Stockholm and governed by Swedish Company Law No. 2005:551 (Sw Aktiebolagslag 2005:551). It is the holding company of the “SAS” group. It specializes in passenger and freight transport to and from Scandinavia.
Made in Rabat, September 24, 2026
