Air Transport World

French government cuts Air France stake.(Financial results, new deals, and reports from every corner of the globe)(Brief Article)

The French government last month sold 18.4% of Air France-KLM, a step that in conjunction with a planned future stock distribution to the airline's employees will see its ownership position fall below 20%. Proceeds to the government were estimated at about 700 million [euro] ($932.5 million). Approximately 0.7% of the offering was reserved to employees.

Early this year, a further 7% of the government's holding will be offered to airline employees, in part through a discounted rights issue and in part through direct transfer under a "wages for shares" scheme. …

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