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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 WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
