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Order HereThe French government has increased its shareholding in Air France-KLM in a move that will increase its influence at the Franco-Dutch company.
It will pay €33.2 million-€45.9 million ($37.4-$51.6 million) for up to 5.1 million shares. This represents 1.7% of the company’s capital and raises the government’s stake to 17.58%.
The government said it was making the purchase to ‘’support the adoption of double voting rights’’ by shareholders at the upcoming annual general shareholders’ meeting May 21.
The introduction of double voting rights would give the French state, as a longstanding shareholder, increased power over the company.
State-owned companies in France, together with more than half the companies in the CAC 40 index of leading French enterprises, offer shareholders double voting rights if they hold their shares for more than two years. This is intended to be a reward for long-term involvement in the companies.
Air France-KLM’s board of directors has decided to put the introduction of double voting rights to a shareholders’ vote at the May 21 meeting. The board is actually putting forward a resolution to maintain single voting rights, but wants “to leave this to shareholder democracy.
“During its meeting of 29 April, the board considered that a stable, long-term shareholder base is beneficial for a company like Air France-KLM, whose return to profitability and to a growth phase are also part of a long-term strategy,” the airline said in a statement.
Announcing the share purchase, France’s Ministry of Economy, Finances and Industry said it “desired to provide the means to support the adoption of double voting rights by Air France-KLM.”
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereThe French government has increased its shareholding in Air France-KLM in a move that will increase its influence at the Franco-Dutch company.
It will pay €33.2 million-€45.9 million ($37.4-$51.6 million) for up to 5.1 million shares. This represents 1.7% of the company’s capital and raises the government’s stake to 17.58%.
The government said it was making the purchase to ‘’support the adoption of double voting rights’’ by shareholders at the upcoming annual general shareholders’ meeting May 21.
The introduction of double voting rights would give the French state, as a longstanding shareholder, increased power over the company.
State-owned companies in France, together with more than half the companies in the CAC 40 index of leading French enterprises, offer shareholders double voting rights if they hold their shares for more than two years. This is intended to be a reward for long-term involvement in the companies.
Air France-KLM’s board of directors has decided to put the introduction of double voting rights to a shareholders’ vote at the May 21 meeting. The board is actually putting forward a resolution to maintain single voting rights, but wants “to leave this to shareholder democracy.
“During its meeting of 29 April, the board considered that a stable, long-term shareholder base is beneficial for a company like Air France-KLM, whose return to profitability and to a growth phase are also part of a long-term strategy,” the airline said in a statement.
Announcing the share purchase, France’s Ministry of Economy, Finances and Industry said it “desired to provide the means to support the adoption of double voting rights by Air France-KLM.”
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereThe French government has increased its shareholding in Air France-KLM in a move that will increase its influence at the Franco-Dutch company.
It will pay €33.2 million-€45.9 million ($37.4-$51.6 million) for up to 5.1 million shares. This represents 1.7% of the company’s capital and raises the government’s stake to 17.58%.
The government said it was making the purchase to ‘’support the adoption of double voting rights’’ by shareholders at the upcoming annual general shareholders’ meeting May 21.
The introduction of double voting rights would give the French state, as a longstanding shareholder, increased power over the company.
State-owned companies in France, together with more than half the companies in the CAC 40 index of leading French enterprises, offer shareholders double voting rights if they hold their shares for more than two years. This is intended to be a reward for long-term involvement in the companies.
Air France-KLM’s board of directors has decided to put the introduction of double voting rights to a shareholders’ vote at the May 21 meeting. The board is actually putting forward a resolution to maintain single voting rights, but wants “to leave this to shareholder democracy.
“During its meeting of 29 April, the board considered that a stable, long-term shareholder base is beneficial for a company like Air France-KLM, whose return to profitability and to a growth phase are also part of a long-term strategy,” the airline said in a statement.
Announcing the share purchase, France’s Ministry of Economy, Finances and Industry said it “desired to provide the means to support the adoption of double voting rights by Air France-KLM.”
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.