The Bundeskartellamt has approved the acquisition plans for Scandinavian airline SAS's restructuring, involving a consortium comprising Castlelake, Air France-KLM, the Kingdom of Denmark, and Lind Invest. Each member will acquire a non-controlling minority shareholding in SAS. The clearance includes Castlelake and the Kingdom of Denmark acquiring over 25% of SAS shares, while Air France-KLM will acquire less than 25%.

The examination focused on scheduled passenger flights, particularly Air France-KLM's acquisition of shares in SAS. The Bundeskartellamt found no significant competition concerns, especially on short- and medium-haul routes within Europe and long-haul routes to the US and Asia.

There are no direct flight overlaps between SAS and Air France-KLM in Europe. SAS operates flights to Scandinavian capitals, while Air France-KLM serves Paris, Amsterdam, and Nantes. The acquisitions do not raise concerns about market foreclosure in ground-handling, maintenance services, or airport infrastructure.

Regarding long-haul routes, despite Air France-KLM's cooperation with other airlines, competition from major carriers like Lufthansa mitigates concerns. The acquisition of SAS shares is not expected to significantly impact competition on direct and indirect connections to North America and Asia.

The Bundeskartellamt examined the acquisitions due to German merger control rules applying to non-controlling minority shareholdings. The acquisition criteria include creating a material competitive influence with less than 25% ownership.