Air France-KLM Will Raise $2.4 Billion From Selling New Shares

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Air France-KLM has launched a 2.26-billion-euro ($2.41 billion) share sale to repay some French state aid as it seeks shareholder backing to invest in resurgent air travel.

Chief Executive Ben Smith said the widely anticipated move was part of efforts to “strengthen our financial autonomy” and regain strategic and operational flexibility.

“As the recovery continues and our economic performance recovers…we want to be in a position to seize any opportunity in a changing aviation sector and to be able to accelerate our environmental commitments,” he said.

Thus far, the French carrier has drawn up quite a few considerable efforts, but it is undoubted that Air France-KLM still has quite a long way to go before it hits €4 billion ($4.3 billion). Hopefully, the share issue plan will seal the financial deal for the airline.

Source: KLM