Air France-KLM to take majority stake in SAS
Airline group Air France-KLM says it is initiating proceedings to take a majority stake in Scandinavia’s SAS, upping its holdings in the company to 60.5% from just under 20%.
Air France-KLM hopes to close the deal in the second half of next year. SAS CEO Anko van der Werff will join CNBC’s “Squawk Box Europe” for an exclusive interview on the news at 8:45 a.m. London time.
Air France-KLM.
Gloomy start for European stocks ahead
Good morning from London.
European markets across the U.K., France and Germany are heading for a negative start on Friday, according to IG data.
That follows a higher close on Thursday, with global equities boosted by a much stronger than expected U.S. jobs report. Officially, Wall Street is on a break for the 4 July holiday today.
However, investors are sure to be checking their phones for updates after U.S. President Donald Trump’s flagship megabill passed in Congress. A host of changes lie ahead, including to taxes, social spending and energy policy.
Speaker of the House Mike Johnson (R-LA) (C) signs the One Big Beautiful Bill Act during an enrollment ceremony with fellow Republicans in the Rayburn Room at the U.S. Capitol on July 03, 2025 in Washington, DC.
Chip Somodevilla | Getty Images News | Getty Images
We’re meanwhile nearing Trump’s July 9 deadline for tariff negotiations, which could see duties on key trading partners such as the European Union spike unless a deal is reached. Trump has said the U.S. will begin sending letters to countries setting out their tariff rates on exports to the U.S., with 10 to 12 nations set to receive theirs today.
Treasury Secretary Scott Bessent told Bloomberg he expects around 100 countries will face a 10% levy, the baseline of the so-called ‘reciprocal’ tariffs.
The EU meanwhile says it is closing in on a “framework” trade deal, but that a full agreement will be impossible to reach by July 9.
— Jenni Reid, Matt Ward-Perkins