Exclusive-Apollo will seek approval from regulators to take majority stake in SAS – source

By Jacob Gronholt-Pedersen, Greg Roumeliotis and Marie Mannes

COPENHAGEN/NEW YORK (Reuters) – U.S. asset manager Apollo Global Management (NYSE:) Inc plans to apply for approval from Swedish and Danish regulators to take a majority stake in SAS AB as part of the Scandinavian airline’s rescue plan, a source familiar with the matter said.

Such a deal would be a test of European Union rules, which prevent more than 50% of an airline being held outside the bloc of 27 members.

Given a large part of Apollo’s capital originates from Europe-based investors, the fund hopes it can get approval for a deal, according to the source who declined to be identified because the matter is confidential.

Apollo and SAS declined to comment.