SAS secures EU approval for $915 mln recapitalisation

Sas AB

29/11/2023 14:45

BRUSSELS, Nov 29 (Reuters) - SAS  SAS.ST  on Wednesday
gained approval from EU competition authorities for its
833-million-euro ($915 million) recapitalisation by Denmark and
Sweden.
    The European Commission reviewed the case again after
Europe's second top court in May scrapped its decision to clear
the state aid. 
    Judges said the recapitalisation did not include a step-up
mechanism to increase the remuneration of Denmark and Sweden and
ncentivise their exit in line with EU state aid rules for
pandemic-hit companies.
    The Commission said SAS has submitted a mechanism that now
complies with these rules and which will have to be "put in
place within two months from the notification of the present
decision to those member states".
    ($1 = 0.9107 euros)

 (Reporting by Foo Yun Chee)
 ((foo.yunchee@thomsonreuters.com; +32 2 585 2866; Reuters
Messaging: foo.yunchee.thomsonreuters.com@reuters.net))