Air France-KLM: France and the netherlands to sign the armistice

After days of serious turbulence on board of Air France-KLM, the State shareholder, French (14.3 per cent) is forced to a hard landing. On Tuesday night, his re

Air France-KLM: France and the netherlands to sign the armistice

After days of serious turbulence on board of Air France-KLM, the State shareholder, French (14.3 per cent) is forced to a hard landing. On Tuesday night, his representatives were struck by lightning, learning that the Dutch State had just bought 12,68% of the group, with the intention (Wednesday) up to 14%. Their reactions were sharp all week.

"What is inappropriate, it is politicizing the future of a company", thundered again Friday, Nathalie Loiseau, the French minister of european Affairs. "It is necessary to avoid the effects of heat. We do not take economic decisions for electoral reasons", she added in reference to upcoming elections in the netherlands. The criticism occurred just before a meeting between Bruno Le Maire, French minister of Economy and Finance, and his counterpart in Dutch, organised by the emergency on the folder Air France-KLM.

" READ ALSO "France and the netherlands should work together to build the future of Air France-KLM"

Las. After an hour and a half meeting at Bercy, the return on the tarmac of the economic and political realities was tough for the camp lights, forced to turn down several tones. The output from the high-hoped for by the French government will not pass by the exit of the netherlands capital. On the contrary, the two public shareholders will work together. "We want to make the airline the largest in the world," says Bruno Le Maire.

work Group

France and the netherlands have launched a process to "transform and strengthen their understanding of the future group". This cooperation takes the form of a working group co-chaired by Martin Vial, chief executive officer of the Agency of the interests of the State, and his counterpart Christiaan Rebergen, treasurer general of the netherlands ministry of Finance. Evidence of the size of the project, the working group will review the agreements of 2003 between Air France, KLM and the Dutch State. "The final outcome will be fair and balanced for both parties," says a press release of the two ministers, determined to lead to a final result before the end of June.

"The end result must be equitable and balanced for both parties," says a press release of the two ministers, determined to lead to a final result before the end of June

By then, the apples of discord will be many. The Dutch minister warns that it is out of the question not to renew the mandate of Pieter Elbers, the boss of KLM, while Paris brandished the threat on Wednesday. For his part, Emmanuel Macron says he will "without a doubt clarify the governance of the group", estimating that it could "not be a shareholder of the entity of head and shareholder of the subsidiary".

In this context is still complicated in spite of the armistice, it is not known how will react to the companies Delta Air Lines and China Eastern, which each hold 8% of the group in 2017. Already a partner of Air France and KLM, they thought they should invest in an ambitious actor of the air transport. They were in a minority in a "machin" european governance-a baroque. "They will have the opportunity to speak to the board of directors", loose-Bercy.

Updated Date: 03 March 2019, 00:00

Kathleen Lees

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