(AOF) – Air France-KLM lost 2.88% to 11.68 euros after the announcement of the decision to terminate on March 31, 2024 the agreements concluded with CMA CGM in May 2022. The two groups then announced their intention to conclude a commercial cooperation in the field of cargo, which became effective in April 2023. However, “a constrained regulatory environment in certain important markets did not allow the cooperation to operate optimally”, explained Air France-KLM and CMA CGM.
The end of the partnership takes on the appearance of a real divorce. Air France-KLM and CMA CGM have opened discussions on the new terms and conditions of a commercial relationship in which each group would operate “independently” from March 31, 2024.
Both groups, however, say they remain committed to working collaboratively, so that cargo customers can continue to benefit from their respective networks.
CMA CGM will leave the Board of Directors of Air France-KLM
The parties have agreed to modify the lock-up clause of the shares held by CMA CGM, reference shareholder, in the capital of Air France-KLM, which will now be effective until February 28, 2025. It is on this date that the shipowner will be able to leave the capital of the company, of which he held 9% of the capital as of June 30. CMA CGM’s initial lock-up commitment expired on June 15, 2025, and the additional lock-up period on 50% of these shares ended on June 15, 2028.
The parties have already agreed that CMA CGM will leave the Board of Directors of Air France-KLM on March 31, 2024.
The two companies initially planned “an industrial cooperation combining the experience and know-how of Air France-KLM in the field of air transport with the industrial tools and expertise of CMA CGM’s global logistics chains”. It was expected that they would jointly market their air cargo capabilities, “thus providing customers with more options for their transportation needs.”
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