Finnair, SAS and Norwegian, The Nordic Three: is consolidation on the way?

The spotlight in Europe is currently on the Nordic Three: Finnair released 2012 results on 08-Feb-2013 and this Friday will see the publication of SAS' annual report and Norwegian's 2012 results.

The region - Finland, Sweden, Norway and Denmark - is the only corner of Europe to be home to three significant airline groups that are all independent of the three major flag carrier groups in terms of their ownership.

For Finnair and SAS, this is largely due to government-held controlling stakes, while Norwegian has always been independent. With growing competition from outside the region, especially from low-cost carriers, this situation may change and the region appears ripe for consolidation.