Dutch Government takes 12.68% stake in Air France-KLM

posted on 28th February 2019 by Justin Burns

The Dutch Government has taken a 12.68 per cent stake in the share capital of the Air France-KLM Group – which has seemingly infuriated the board of directors of the airline group who said it was done “without any consultation”.

Air France-KLM Group released a statement, which said: “This acquisition occurs after discussions with all stakeholders including the Dutch state, and the unanimous approval by the Group of the managerial organization under the leadership of Group CEO Benjamin Smith, in a spirit of open dialogue and discussion.

“The Group was also ready to confirm to the Dutch government commitments to continue strengthening Schiphol’s development as a European hub and to support KLM’s development.

“The Board of Directors will closely monitor the consequences of this new participation on the Group, its employees, its governance structure and its market value. The Board will ensure that this initiative will not negatively impact the new working dynamic of the Group and its companies, recently initiated by the Group CEO.

“The Air France-KLM Board calls for all managers and staff to focus on commercial developments and operational improvements to help position the Air France-KLM Group as the leading air transport group in Europe.”