The Netherlands has bought a stake in Air France-KLM in a bid to match the French state's influence over the airline, the Dutch finance minister said Tuesday.
The purchase of a 12.68-percent chunk follows a row over the fate of the chief executive of the Dutch arm of the carrier, hit by a series of strikes in France last year.
"The Dutch government has bought shares to obtain a direct stake of 12.68 percent in Air France-KLM," finance minister Wopke Hoekstra told a press conference in The Hague.
"The aim is to eventually get to a position equal to that of the French state," which has a 14.3-percent stake.
Hoekstra added: "With this share purchase, the Dutch cabinet wants to be able to directly influence the future development of Air France-KLM in order to optimally ensure the Dutch public interest."
Air France-KLM reported last week Wednesday that its annual net profits rose by 150 percent to 409 million euros ($463 million) despite the recent upheaval.
But there has been bad blood between France and the Netherlands due to uncertainty over the fate of KLM chief executive Pieter Elbers.
He was reappointed earlier this month after KLM workers threatened to go on strike if he is axed.
Air France and KLM merged in 2004 but still continue to operate largely separately, while the French arm in particular has struggled with industrial action in recent years.
The Netherlands has bought a stake in Air France-KLM in a bid to match the French state’s influence over the airline, the Dutch finance minister said Tuesday.
The purchase of a 12.68-percent chunk follows a row over the fate of the chief executive of the Dutch arm of the carrier, hit by a series of strikes in France last year.
“The Dutch government has bought shares to obtain a direct stake of 12.68 percent in Air France-KLM,” finance minister Wopke Hoekstra told a press conference in The Hague.
“The aim is to eventually get to a position equal to that of the French state,” which has a 14.3-percent stake.
Hoekstra added: “With this share purchase, the Dutch cabinet wants to be able to directly influence the future development of Air France-KLM in order to optimally ensure the Dutch public interest.”
Air France-KLM reported last week Wednesday that its annual net profits rose by 150 percent to 409 million euros ($463 million) despite the recent upheaval.
But there has been bad blood between France and the Netherlands due to uncertainty over the fate of KLM chief executive Pieter Elbers.
He was reappointed earlier this month after KLM workers threatened to go on strike if he is axed.
Air France and KLM merged in 2004 but still continue to operate largely separately, while the French arm in particular has struggled with industrial action in recent years.
