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Air France-KLM shareholders approve China Eastern, Delta buy-in

09/06/2017| 3:15:34 PM|

Shareholders at Air France-KLM have approved plans for fellow SkyTeam alliance members China Eastern Airlines and Delta Air Lines to each acquire 10% of the Franco-Dutch group.

On July 27, Air France-KLM, China Eastern, Atlanta-based Delta and UK-based long-haul carrier Virgin Atlantic detailed plans to strengthen their ties. Under the agreement, China Eastern and Delta are each taking a 10% stake in Air France-KLM, which will in turn acquire 31% of Virgin.

The Delta and China Eastern stakes, which will inject €751 million (USD 893 million) in Air France-KLM, were approved Sept. 4 by Air France-KLM shareholders.

The shareholders also approved board members from each of the new carriers. Bing Tang was named as China Eastern’s representative, while George Mattson will hold the Air France-KLM board position for Delta. The two appointments will take effect from the completion of the deal, for a four-year term.

Air France-KLM chairman Jean Marc Janaillac said the strategic partnerships are being formed to help Air France regain the offensive and improve its group’s financial performance.

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TAGS: Air France-KLM | China Eastern | Delta Air Lines
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