The airline SAS notes that the deadline for potential investors to submit final bids in the capital raising process expired on September 25, 2023.
This is evident from a press release in which SAS states that the airline's evaluation process is ongoing after the deadline for submitting final bids has expired.
”"SAS will announce one or more winning bidders as soon as the evaluation process is completed," the airline writes.
According to Marketwire, the Danish state is a potential mainstay and, depending on the EU competition authorities, the Danish state will own between 21.8 and 30 percent of SAS.
”"Our main scenario is still that the ownership will be a combination of the Danish state and the American fund Apollo," writes Sydbank's aviation analyst Jacob Pedersen in a comment, according to Marketwire.
For EU legal reasons, a foreign company cannot own more than 49.9 percent of an EU company. Therefore, there will still be a need for more capital from other owners, Marketwire notes.
”"The Wallenberg Foundation looks like an obvious candidate and perhaps other Nordic foundations as well. It is also possible that previous lenders will have some of their claims converted into shares. It is also not impossible that another airline wants to take an ownership stake in SAS, but here and now we do not see that as particularly likely," writes Jacob Pedersen.
Furthermore, the aviation analyst warns, as he has many times before, of a possible total dilution in SAS that could make the shares worthless – soon.
SAS itself has repeatedly stated that there will be no, or very little, value left for existing shareholders when the reconstruction is complete.
In connection with SAS's latest report, CEO Anko van der Werff said the following to Dagens Industri:
”We have been very clear that we are going through a restructuring process and that in this process there will only be a small, if any, value left for existing shareholders and creditors. It is all in print. Please read all of our reports. They are there for a reason.”
Source:News Agency Direct.
