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Air France-KLM raises greater than 2 billion euros from rights challenge – Expat Information to France

Money-strapped French-Dutch airline, Air France-KLM, stated Tuesday it raised some 2.26 billion euros ($2.4 billion) from a brand new capital enhance introduced final month, which can largely be used to pay again state support.

The provider stated in an announcement that demand for the brand new shares issued within the so-called rights challenge — the place present shareholders have preferential subscription rights — amounted to 2.6 billion euros, outstripping the variety of shares on provide.

“The success of our capital enhance is a powerful demonstration of the arrogance that our present shareholders and new buyers have within the prospects of Air France-KLM,” stated chief govt, Benjamin Smith.

“This operation… will enable us to emerge with a stronger steadiness sheet and elevated strategic flexibility”.

Air France-KLM has misplaced some 11 billion euros over the previous two years on account of the coronavirus pandemic.

The French and Dutch governments participated absolutely within the capital enhance, which means their shareholdings of 28.6 p.c and 9.3 p.c respectively would stay unchanged.

Delivery large CMA CGM, primarily based in Marseille, grew to become the next-biggest shareholder with a stake of 9.0 p.c.

Two different shareholders — China Japanese Airways and Delta Airways — noticed their stakes diminished to 4.7 p.c and a pair of.9 p.c respectively.




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