Air France‑KLM and Denmark Should Own SAS Scandinavian
SAS Scandinavian Airlines CEO Anko van der Werff has proposed a streamlined ownership structure for the carrier, suggesting that only two stakeholders—Air France‑KLM and the Danish state—should ultimately hold shares in SAS. In an interview with Danish newspaper Finans on April 11, van der Werff outlined his vision for a simplified shareholder base, arguing that the current four‑owner model complicates strategic decision‑making and limits the airline’s ability to position itself within Europe’s evolving aviation landscape.
Under the present arrangement, SAS is co‑owned by Air France‑KLM (19.9 percent), U.S. lessor Castlelake (32 percent), Denmark’s Ministry of Finance (25.8 percent), and private investment firm Lind Invest (8.6 percent). Van der Werff believes that letting Castlelake and Lind Invest eventually exit their holdings would pave the way for Air France‑KLM to acquire a controlling stake alongside the Danish government. “A logical and rational path would be for Air France‑KLM to acquire a controlling stake in SAS,” van der Werff told Finans, while emphasising that any sale of shares is ultimately a decision for the current owners—not SAS management—to make.
The call for consolidation comes amid broader discussions about strategic partnerships across Europe’s airline industry. Speaking at the Åre Business Forum in Sweden earlier this month, van der Werff highlighted the need for stronger, more resilient airline groups capable of withstanding competitive pressures from global carriers. “We need to be part of a consolidated Europe,” he said, adding that SAS is actively exploring how to integrate with one of the continent’s larger airline groups. This reflects ongoing talks between SAS and Air France‑KLM, both SkyTeam alliance members, about deepening cooperation and network synergies.
Ben Smith, CEO of Air France‑KLM, has publicly signalled the group’s interest in raising its stake in SAS, provided the Baltic‑Scandinavian carrier meets key benchmarks such as full integration into the SkyTeam alliance and consistent profitability. Air France‑KLM’s current 19.9 percent holding gives it a foothold in SAS but falls short of the controlling interest van der Werff deems necessary for decisive governance. A tighter ownership pairing could enable faster fleet renewals—SAS currently operates 50 Airbus A220‑300s with 40 more on order—and more coordinated route planning across Northern Europe.
Despite these consolidation ambitions, van der Werff did not close the door on alternative funding strategies. He indicated that SAS might pursue an initial public offering (IPO) to raise additional capital for growth and fleet modernisation, though he cautioned that market conditions must be right. The airline reported a net loss of EUR 118.2 million (USD 130 million) for 2024 and recently dismissed long‑time CEO Martin Gauss, underscoring the carrier’s urgent need to stabilise its finances and leadership.
Estonia has already ruled out joining SAS’s ownership pool, offering only political backing without financial investment, while Lithuania has yet to confirm its stance. As Air France‑KLM and the Danish government consider a dual‑owner solution, SAS’s supervisory board and existing shareholders will weigh the benefits of consolidation against national and financial interests. Should Castlelake and Lind Invest agree to divest, the proposed ownership model could provide SAS with the clarity and strategic alignment needed to thrive in a highly competitive European aviation market.
With its leadership advocating for a focused shareholder base and strengthened alliance ties, SAS Scandinavian Airlines is positioning itself for a future in which streamlined governance and deep industry partnerships drive sustainable growth across the region.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com