The Bundeskartellamt has approved the acquisition plans for SAS airline's restructuring, involving a consortium comprising Castlelake, Air France-KLM, the Kingdom of Denmark, and Lind Invest acquiring minority shareholdings in SAS. Castlelake and the Kingdom of Denmark are cleared to acquire over 25% of shares each, while Air France-KLM can acquire less than 25%.

The examination focused on scheduled passenger flights, particularly Air France-KLM's acquisition of shares in SAS. No significant competition concerns were found, especially on short- and medium-haul routes within Europe and to the US and Asia. There are no direct flight overlaps between SAS and Air France-KLM from Germany.

Regarding long-haul routes, the Bundeskartellamt considered Air France-KLM's cooperation with Delta Airlines and Virgin Atlantic Airways. However, competition from major airlines like Lufthansa and United Airlines mitigates concerns. The acquisition does not impact competition in air cargo markets or aircraft financing sectors.

German merger control rules apply to acquisitions of non-controlling minority shareholdings, requiring a material competitive influence. SAS operates hubs in Copenhagen, Oslo, and Stockholm, providing passenger and cargo transport services, ground-handling, and maintenance. Air France-KLM is the largest European airline, offering passenger air transport, cargo services, and maintenance, with hubs in Paris and Amsterdam.