On Wednesday 29 November, the European Commission announced that it had authorised a recapitalisation of SAS airline amounting to approximately €833 million (SEK 9.5 billion) granted in October 2020 under the “Covid” temporary framework. This measure was part of a wider package of recapitalisation measures.
On 10 May 2023 (see EUROPE 13179/18), the General Court of the EU annulled a recapitalisation of SAS, notified on 11 August 2020 by Denmark and Sweden (see EUROPE 12544/3), on the grounds that there was no mechanism to increase the remuneration of the States and no incentive for them to exit the capital.
The Commission launched an in-depth investigation on 4 July 2023.
The Commission has found that the proposed new mechanism complies with the “Covid” temporary framework and has therefore approved the measure on condition that the mechanism is put in place within 2 months of notification of this decision to the Member States concerned.
Both countries will receive appropriate remuneration for their investment, and the States undertake in particular to implement a mechanism for increasing remuneration.
Conditions relating to governance will also apply until such time as the States’ stakes in the capital have been repaid in full.
The measure will be accompanied by conditions prohibiting cross-subsidies and acquisitions, as well as public transparency and information obligations. (Original version in French by Émilie Vanderhulst)