The move is the latest by a major airline group to shore up finances after more than a year of COVID-19 travel shutdowns and deep losses for the sector.
The agreed conditions require France to find a “credible exit strategy” within a year and cut its shareholding to pre-crisis levels by 2027. Dividends, share buybacks and management bonuses are barred until most or all of the aid is repaid. That will shield a planned expansion of Air France’s own budget carrier Transavia from unfair competition, Air France-KLM Chief Executive Ben Smith told reporters on Tuesday.
The Netherlands, which bought 14% of Air France-KLM in 2019 to counter French influence, will not join the capital hike - breaking a governance stalemate at the group while potentially adding to break-up pressures from some Dutch political quarters. Delta Air Lines, an 8.8% shareholder in Air France-KLM, is barred from investing under U.S. federal aid rules and will be diluted. China Eastern plans to acquire new stock while keeping its stake below 10%, the group said.
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