SAS's headquarters should be moved to Denmark, claim Danish politicians, pointing out that Sweden has refused to provide new money for the struggling airline.
The Swedish Ministry of Finance says it is following the issue closely.
What started as a Scandinavian cooperation project has in recent years developed into a protracted headache for the three founding states, with declining commitment as a result. Norway sold its SAS holding in 2018, and when the airline requested capital for its still-ongoing revival attempt last year, the Swedish government turned it down.
”"They may seek capital in other ways and from other investors," said then-Minister of Industry and Trade Karl-Petter Thorwaldsson.
On the contrary, the Danish government has declared itself prepared to open its wallet once again, paving the way for a future SAS with Denmark as the sole state owner. Danish Finance Minister Nicolai Wammen (S) has pointed to a future ownership stake in the airline of up to 30 percent, compared to today's 22 percent.
Against this background, the reasonableness of Sweden continuing to be the airline's administrative and legal base is being questioned - not least because Kastrup is already the most important hub for the company's air traffic. Several Danish opposition politicians tell the newspaper Berlingske that the Danish state's support should mean that SAS moves its headquarters from the headquarters in Frösundavik outside Stockholm to Denmark.
”"We believe that the headquarters should be moved to Denmark. It is very central to the Danish People's Party, and it is time for SAS to move to Denmark," says Nick Zimmermann, the Danish People's Party's spokesperson on transport policy issues, to Berlingske.
Lisbeth Bech-Nielsen, fiscal policy spokesperson for the Socialist People's Party, expresses similar thoughts.
"We are the only state investor left, and it is completely natural to move the headquarters to Copenhagen. It would be bizarre if it didn't happen," she tells the newspaper.
Niels Flemming Hansen, transport policy spokesperson for the Conservatives, welcomes SAS to Denmark but does not want to express a move as a condition for government support.
”"If SAS chooses to move the company to Denmark because it makes sense for some reason, they should be most welcome. But for us, it has nothing to do with whether they get money or not," he tells Berlingske.
The new Swedish government is sticking to the line towards SAS that the previous government set out: There will be no more money. This applies even if Danish voices are now raised to move the headquarters.
Would the government object in any way to such a move of the headquarters?
”"This is a hypothetical question. As shareholders in SAS, we are following the situation closely. Otherwise, we have no comments," says Victoria Ericsson, press spokesperson at the Ministry of Finance, to Di.
People with good insight into SAS tell Di that moving the headquarters to Denmark is possible, but that it would be a complicated exercise, while the benefits for both the company and customers appear to be extremely limited.
Last year, SAS initiated a so-called Chapter 11 process in the US, which involves a form of reconstruction, which it hopes to complete in the second half of 2023. In addition to SEK 7.5 billion in annual cost savings, the company plans to raise approximately SEK 9.5 billion in new equity.
Source: DI.SE
