Shares in Air France-KLM fell sharply on Monday after a French minister named Ai...
) fell sharply on Monday after a French minister named Air France as a bidder for bankrupt carrier Aigle Azur, which left 19,000 passengers stranded after abruptly halting operations.
The Franco-Dutch carrier’s stock had fallen as much as 9.6% earlier in the day after junior transport minister Jean-Baptiste Djebbari said the group “appears to want to make an offer” for Aigle Azur. Aigle Azur’s difficulties were compounded by its over-expansion from medium-haul services focused on Algeria into long-haul destinations such as Brazil.
Government influence over Air France-KLM, in which France holds a 14.3% stake, added to investor concern that had driven its shares 8.7% lower by 1214 GMT, with one trader telling Reuters the state was “likely to push them to get involved”.
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