What's wrong with Air France
Billion dollar capital increase for Air France has been completed
Paris The French state is once again helping the airline Air France-KLM in the corona crisis with a sum of billions. In the course of a capital increase that has already been announced, the government is increasing its stake from 14.3 to almost 30 percent.
Air France-KLM expects around 901 million euros from the capital increase, in which other investors are also participating, as the French-Dutch company announced in Paris on Tuesday. The sum could rise to a good billion euros. The French government wants to inject a further three billion euros into the group by subscribing to subordinated bonds.
Air France-KLM had previously hoped for an even higher sum from the capital increase. But the group only got rid of the new shares at a unit price of 4.84 euros, the lower end of the targeted price range. On the stock exchange, the price of the Air France KLM share plummeted in the morning by around three percent to around 5.16 euros.
At the beginning of April, the EU Commission approved further financial aid from the French government for Air France-KLM amounting to up to four billion euros. These also include subordinated bonds in the billions.
They have a perpetual term, and the company can count the money as equity. France and the Netherlands had already supported Air-France-KLM with more than ten billion euros in the previous year.
In addition to the French state, the major shareholder China Eastern Airlines is now injecting fresh money into the group. The Netherlands, which has previously held a 14 percent stake in Air France-KLM, are not taking part in the current capital increase.
More:EU Commission approves state aid for Air France-KLM
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