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30/09/2003
Europe's largest air carrier created after merger
Air France and KLM are expected to conclude an agreement today that would lead to the creation of Europe’s leading airline group.
The new group, to be called Air France-KLM, will be eased through via a share exchange offer by Air France for KLM common shares.
The Boards of both companies believe that this proposed combination is “in the best interest of customers, shareholders and employees” of both groups and represents a significant opportunity for further growth.
Jean-Cyril Spinetta, Chairman and Chief Executive Officer of Air France, said: ”We have always been convinced of the necessity of consolidation in the airline industry. This will bring significant benefits to customers, shareholders and employees. Capitalizing on the two brands and on the complementary strengths of both companies, we should, within SkyTeam, be able to capture enhanced growth opportunities.”
Leo van Wijk, President and Chief Executive Officer of KLM, said: “Through this innovative partnership with Air France and our subsequent expected participation in the SkyTeam alliance, we are confident that we have secured a sustainable future for our company.”
Air France and KLM expect to sign the transaction agreement within the next few weeks.
(gmcg)
The new group, to be called Air France-KLM, will be eased through via a share exchange offer by Air France for KLM common shares.
The Boards of both companies believe that this proposed combination is “in the best interest of customers, shareholders and employees” of both groups and represents a significant opportunity for further growth.
Jean-Cyril Spinetta, Chairman and Chief Executive Officer of Air France, said: ”We have always been convinced of the necessity of consolidation in the airline industry. This will bring significant benefits to customers, shareholders and employees. Capitalizing on the two brands and on the complementary strengths of both companies, we should, within SkyTeam, be able to capture enhanced growth opportunities.”
Leo van Wijk, President and Chief Executive Officer of KLM, said: “Through this innovative partnership with Air France and our subsequent expected participation in the SkyTeam alliance, we are confident that we have secured a sustainable future for our company.”
Air France and KLM expect to sign the transaction agreement within the next few weeks.
(gmcg)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
