Air France-KLM will initiate the process of raising its minority stake in Scandinavian airline SAS AB to 60.5%, as it looks to extend consolidation in the European aviation industry and better compete with rivals Deutsche Lufthansa AG and British Airways owner IAG SA.

In August 2024, SAS exited chapter 11 bankruptcy proceedings in the U.S. as part of a company restructuring. This included restructuring more than $2 billion in debt and saw Air France-KLM, Castlelake, Lind Invest, and the Danish State invest to become the principal owners.