Key Developments: Air France Klm SA (AFLYY.PK)
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$3.81
Latest Key Developments (Source: Significant Developments)
Air France KLM SA's Servair Sells Stake in Servair Airchef to Dnata-Reuters
Reuters reported that Dnata, a subsidiary of Emirates, has bought Air France KLM SA's stake in their joint venture Servair Airchef. Until now Servair Airchef had been owned equally by Alpha, a subsidiary of Dnata and Air France KLM SA's Servair. Financial terms were not disclosed. Full Article
Air France KLM SA's KLM Launches New Flights-DJ
Dow Jones reported that Air France KLM SA announced that the Company's part KLM has added three new destinations to its network, namely to Fukuoka in Japan, Manston Kent in United Kingdom and to Alesund in Norway. Full Article
Air France KLM SA Announces Details of Group's Chairman and CEO Resignation; Announces Appointment of New CEO
Air France KLM SA announced that at the Company's Board Meeting held in Paris on March 25, 2013, Mr. Jean-Cyril Spinetta announced that he will be stepping down as the Group's Chairman and CEO on July 1, 2013. The Company also announced that following the proposal of the Appointments Committee, Mr. Alexandre de Juniac will succeed Mr. Jean-Cyril Spinetta as Chairman and CEO of the Air France-KLM Group as from July 1, 2013. Full Article
Air France KLM SA Increases Initial Amount of Bond Offering to EUR 550 million
Air France KLM SA announced that after the successful placement of the Company's Convertible Bonds, announced on March 20, 2013, it has decided to exercise the extension clause, increasing the initial amount of the issuance to approximately EUR 550 million. The Bonds' denomination per unit was fixed at EUR 10.30. The Bonds' annual nominal percentage rate is 2.03%, payable annually in arrears each February 15. For he current period from March 28, 2013 to February 14, 2014 inclusive, the coupon to be paid on February 15, 2014 will be calculated prorata temporis. The Bonds will be reimbursed in cash at par value on February 15, 2023. Full Article
Air France KLM SA CEO To Step Down Early-Reuters
Reuters reported that Air France KLM SA Chief Executive Jean-Cyril Spinetta plans to quit nine months before the scheduled end of his mandate, website La Tribune reported. Spinetta's resignation would pave the way for Alexandre de Juniac, head of the group's Air France unit, to take the reins at the parent company, the site said, citing unnamed sources. An Air France spokeswoman declined to comment. Spinetta must step down by the Company's 2014 annual shareholder meeting, when he will have hit the Company's mandatory retirement age of 70. Full Article
Air France KLM SA launches Offering of Bonds Convertible Due February 15, 2023
Air France KLM SA announced that it is launching an offering of OCEANE due February 15, 2023 (the "Bonds"). The initial offering size will be approximately EUR480 million and may be increased up to a maximum of approximately EUR550 million upon the full exercise of an approximately 15% extension clause by Air France-KLM in agreement with the Global Coordinators and Joint Book runners, no later than March 25, 2013. Full Article
Westjet Airlines Ltd And Air France KLM SA Announces Partnership
Westjet Airlines Ltd and Air France KLM SA announced that they have entered into a code-share agreement enabling Air France to offer customers 10 new Canadian destinations operated by WestJet. The AF code is on select WestJet flights connecting from Torontoto Vancouver, Edmonton, Saskatoon, Regina, Thunder Bay, Ottawa, QuebecCity, Saint-John's, Moncton and Halifax. Winnipeg and Calgary flights also bear the French carrier's code for both Toronto and Montrealconnections to Air France's direct flights to Paris. Full Article
Air France-KLM Continues to Reduce Capacity at Air France; Updates on KLM's New Flights-DJ
Dow Jones reported that Air France-KLM is to continue the policy to reduce the capacity in the summer season starting as of March 31, 2013. In comparison to summer 2012, the capacity of long-haul flights will increase by 2.4%, while the capacity of short-haul and medium-haul distance flights will decrease by 2.1%. The capacity crimp of European and national flights is on account of Air France. KLM will offer three new directions during the upcoming summer season to Fukuoka in Japan, Alesund in Norway and Manston United Kingdom. Full Article
Air France-KLM SA to Cease Flights to Khartoum and Addis Ababa-DJ
Dow Jones reported that Air France-KLM SA is to cease the combined flights to Khartoum in Sudan and Addis Ababa in Ethiopia. The Company is unable to keep the unprofitable three weekly return flights, partly due to political and military unrest in Sudan. The passengers will be offered flights to Khartoum and Addis Ababa run by partner company Kenya Airways Ltd. Full Article
EADS NV to Sign Contract with Air France-KLM SA for Delivery of 25 A350 Planes-Reuters
Reuters reported that Air France-KLM SA expects to sign a definitive order for a long-delayed purchase of EADS NV's Airbus A350 long-range jets during 2013. Air France-KLM placed the provisional USD 7 billion order for 25 wide-bodied A350-900 passenger jets in September 2011. Full Article
Emirates' arm buys Air France's stake in Italian catering venture
DUBAI, May 16 - Dnata, the airlines services arm of Emirates, has bought out Air France-KLM's stake in an Italian joint venture catering business, Dnata said in a statement on Thursday.
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