http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=5025888
PARIS (Reuters) – Air France has succeeded in its bid to create the world’s largest airline by revenues, winning over 89 percent of the share capital of Dutch carrier KLM in an 833 million euro ($995.7 million) takeover bid that may herald a new era in air travel. In a joint statement on Tuesday, the airlines said KLM shareholders had tendered 41.76 million shares, or about 89.2 percent of the airline’s capital, in the offer which closed Monday night.
The combination represents the first cross-border merger of major European airlines and creates a company that ranks ahead of Japan Airlines System Corp. as the largest airline in the world by sales. Air France-KLM will rank third behind AMR Corp.’s American Airlines and UAL Corp.’s United Airlines in terms of passenger traffic.
The carriers believe the deal will allow them to cut costs and enhance revenues, helping them battle overcapacity in the market and face off growing competition from no-frills carriers. They have forecast 600 million euros in annual long-term merger benefits, while playing down the risk to jobs. Under the terms of a deal that was originally unveiled last September, the two airlines will form a joint holding company under which the Air France and KLM brands will co-exist for three years.
The company, Air France-KLM, will own 100 percent of both airlines but KLM will remain Dutch, with 51 percent of its voting rights held by the state and two foundations. That structure will allow KLM to retain its foreign landing rights. That response to the offer was well above the 70 percent acceptance threshold that Air France management had said it needed to call the takeover a success.
By: Duesseldwarf - 5th May 2004 at 21:45
Next you’ll be telling me that Holland has a busy mountain rescue team? 😀 😀
By: Distiller - 5th May 2004 at 20:49
What about the Egyptian army? They make cool pyramides!
By: greekdude1 - 5th May 2004 at 19:30
What about the Swiss Army? They make cool watches.
By: Bmused55 - 5th May 2004 at 17:44
Switzerland and Navy.. lmao…. just doesn;t seem right
By: Bhoy - 5th May 2004 at 16:33
Switzerland does have a Navy… which is a bit mad that considering they’re neutral, so any member of the forces crossing the border in uniform is commiting a criminal offence… The Swiss navy boats are all registered in Basel, as Switzerland’s only ‘deepwater Port’… :rolleyes: although the Ships themselves are based in the Mediteranean…
By: Hand87_5 - 5th May 2004 at 16:29
We all know the EU is very intelligent… who else but they could come up with the concept of having a fisheries minister from a land locked country? :rolleyes:
Don’t forget Bhoy that there is a “Navy minister” in Switzerland 🙂
By: Bhoy - 5th May 2004 at 16:27
We all know the EU is very intelligent… who else but they could come up with the concept of having a fisheries minister from a land locked country? :rolleyes:
By: Hand87_5 - 5th May 2004 at 16:03
All I’m saying is:
The Majority of the pen pushers in the EU offices are french.
Really? Where did you get this information from? The Sun?
As far as I know each country of the EU has one member at the EU commission.
Please read : http://www.forumoneurope.ie/proceedings/europe_comm_rev8.doc
By: Bmused55 - 5th May 2004 at 16:02
All I’m saying is:
BA suggested a merger is IB. EU Forbids them
AF in talks with KLM to merge. EU gives green light
The Majority of the pen pushers in the EU offices are french.
Put 2 and 2 together and you get 4.
By: Hand87_5 - 5th May 2004 at 15:59
read my previous posts. I’m not going to repeat them.
Hey Mate are playing the old “conspiracy theory”.
The bad guys at the EY commission are controlled by the Ugly Froggies and are doing their best to **** the Nice Brits off !!!
Come on, do you the content of BA/IB project?
Do you know the content of AF/KL project?
Do you think that only France and Germany are sitting at the EU Commission?
But maybe the “conspiracy theory”. is more confortable for you.
By: Bmused55 - 5th May 2004 at 15:44
read my previous posts. I’m not going to repeat them.
By: Hand87_5 - 5th May 2004 at 15:30
It’s not corruption – it’s a way of life!
@ Hand… : What makes you think I’m British?
Maybe I’m wrong (No offence :D) but the content of your thread made me think that you are.
By: Hand87_5 - 5th May 2004 at 15:29
meanwhile the french get to disregard all rules and laws while throwing down the hammers on others?
???????????????
By: Bmused55 - 5th May 2004 at 14:21
meanwhile the french get to disregard all rules and laws while throwing down the hammers on others?
By: Mark L - 5th May 2004 at 14:05
The orginal theory behind the EU was that if the main countries go forced together into a friendship and an alliance then the chances of another horrific war in Europe would be much reduced.
Looks like its worked…
By: Distiller - 5th May 2004 at 13:06
It’s not corruption – it’s a way of life!
@ Hand… : What makes you think I’m British?
By: Bmused55 - 5th May 2004 at 11:15
Designed to keep the Germany down ? That’s an interesting theory.
I guess we would keep Germany down if they DIDN’T join the EU don’t you think so? Why did GB join EU then?I’m still wondering why you guys don’t leave the EU since it is so bad and the Brits are so badly treated … :rolleyes:
But this prose is a nice example of British paranoia about the EU.AF made a good deal and what ? BA will probably be the next one so where the famous British fair play guys?
BA mentioned the idea of a merger with another airline and the EU quickly forbade them from even planning such a thing.
Now The EU turn a blind eye and allow Air France to merge with KLM, the exact same thing BA has mentioned doing with IB.
*sniff, sniff* Yes, I smell the distinctive odor of corrupt french officials at the EU offices.
By: Hand87_5 - 5th May 2004 at 10:31
In what world do you live man? EU biased towards Germany? That’s absurd! The whole EU (or Communauté Européenne du Charbon et de l’Acier as it called in 1952) was designed to keep Germany down! The EU is a playground for French grandeur and French interests, a club privé for Chirac and his kin from the Ecole de Arrogance Supérieur only!
Designed to keep the Germany down ? That’s an interesting theory.
I guess we would keep Germany down if they DIDN’T join the EU don’t you think so? Why did GB join EU then?
I’m still wondering why you guys don’t leave the EU since it is so bad and the Brits are so badly treated … :rolleyes:
But this prose is a nice example of British paranoia about the EU.AF made a good deal and what ? BA will probably be the next one so where the famous British fair play guys?
By: Bmused55 - 5th May 2004 at 08:19
Hey, atleast I’m not alone in my EU for France thoughts.
By: Distiller - 5th May 2004 at 08:15
I am keen to see BA-IB-LX form one kick-ass megairline!! that would sweep KLMAirFrance of their feet!. The EU are annoyingly biased toward ANYTHING that involves France or Germany :confused: 🙁 :rolleyes:
In what world do you live man? EU biased towards Germany? That’s absurd! The whole EU (or Communauté Européenne du Charbon et de l’Acier as it called in 1952) was designed to keep Germany down! The EU is a playground for French grandeur and French interests, a club privé for Chirac and his kin from the Ecole de Arrogance Supérieur only!
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May 4, 2004 at 11:07 am