Air France-KLM shares fall sharply on surprise Dutch stake buy GlobeBusiness
Shares in Air France-KLM fell sharply as the Dutch government amassed a 14 per cent stake in the airline to counter French influence, in a surprise move highlighting tensions over the company’s strategic direction.
The stealth move came weeks after a confrontation between the Dutch government and the company’s French-dominated executive board over waning Dutch influence. With The Hague’s firm backing, the KLM subsidiary has balked at attempts by Air France-KLM group’s new Canadian Chief Executive Ben Smith to move toward deeper integration.
CEO Smith travelled to the Netherlands for an uncomfortable meeting with Finance Minister Hoekstra before an Air France board meeting on Feb. 19..
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