ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • Mahindra & Mahindra stock hits 52-week high as brokerages bullish on counter post Scorpio-N launch; check target prices
  • GST Council meet begins today: Know agendas of Finance Minister Nirmala Sitharaman's led two-day meeting
  • Security deposit on commercial LPG connection goes up by Rs 1050 for 19-kg cylinder; check new rates
  • Cash-starved Sri Lanka to end fuel duopoly to ease fuel shortages
  • Xiaomi 12S series set to launch with Leica cameras on July 4: Check key details here
Read in App
Business News » World News

Dutch take stake in Air France KLM to counter French influence

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App

The Dutch government will take a stake in Air France KLM equal to that of the French government in order to increase its influence in the carrier`s operations, Dutch Finance Minister Wopke Hoekstra said on Tuesday.

The move comes weeks after a confrontation between the Dutch government and the company`s French-dominated executive board over waning Dutch influence, which has been exercised through its management of group subsidiary and Dutch flag-carrier KLM.

Hoekstra said the state had already taken a 12.7 percent stake for 680 million euros ($774 million) and aimed to increase that to about 14 percent. The French government holds 14.29 percent.

The move is a "fundamental step toward protecting Dutch interests", Hoekstra told journalists in The Hague. "Buying this stake ensures we have a seat at the table."

Hoekstra said the state was not making an investment but protecting the interests of the Dutch economy and Amsterdam`s Schiphol airport, Europe`s third-largest airport and a major source of employment.

Officials at the French Economy Ministry had no comment.

"Several times in recent years the Dutch interest was not given enough weight in important decisions for the company as a whole," Hoekstra said in a letter to parliament on Tuesday.

"In our view, possible consequences for Dutch public interests are not given enough consideration in the current set-up."

Hundreds of KLM workers gathered at the airline`s office in the Netherlands earlier this month to deliver a petition voicing support for CEO Pieter Elbers after rumours that Air France intended to remove him and fully integrate the two companies.

Air France`s new CEO Ben Smith travelled to the Netherlands for a reportedly uncomfortable meeting with Hoekstra before an Air France board meeting on Feb. 19..

Elbers` reappointment was confirmed ahead of the group`s full-year earnings presentation on Feb. 20, at which Smith also announced plans for further coordination of the airlines` fleets and networks.

Air France this month reported full-year operating earnings of 266 million euros, compared with 1.07 billion euros at the KLM subsidiary.

The group has trailed rivals Lufthansa and British Airways on profitability, held back by restrictive French union deals and strikes that last year wiped 335 million euros off earnings and forced out its CEO.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
Updated: Wed, Feb 27, 2019
04:14 am
Reuters
RELATED NEWS
GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended? GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?
LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet
GST council clears proposal to remove tax exemptions on some items GST council clears proposal to remove tax exemptions on some items
15 more firms selected under PLI scheme for white goods 15 more firms selected under PLI scheme for white goods
JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half JP Morgan bullish on global markets in H2; rejects possibility of recession, sees inflation receding in second half

LATEST NEWS

GST on online gaming, casinos, horse racing - They may be taxed like this! What Group of Ministers recommended?

New norms for safer tyre design to kick-in from October 1; expert picks Apollo tyres, JK Tyres for good gains

LIVE: 47th GST Council Meeting - What happened on 1st day? What's slated for today? Latest updates from Chandigarh meet

NSE Co-location Scam: Sebi fines exchange with Rs 7 cr, imposes Rs 5cr penalty on Chitra Ramkrishna

Dizo Buds P with 40 hours of music playback launched at Rs 1,599 in India - Check offers, availability and more

Stocks to buy today: Mahindra CIE, Wipro, Shakti Pumps and ICICI Bank among list of 20 stocks for profitable trade on June 29

Brokerage sees robust gas demand at 6.1% CAGR over next 8 years; maintains buy on GAIL, MGL, Gujarat Gas and Petronet

Wealth Guide: National Insurance Awareness Day 2022: Significance, importance of 'Financial Security' - Expert explains

How rising crude oil prices, falling Rupee impact stock market? Anil Singhvi decodes

Ashish Kacholia Stocks: This multi-bagger counter surges for 3rd day in row, up 13% - know what’s driving the rally

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV