One week before the general meeting of shareholders, which will be held face-to-face this year, Air France-KLM is carrying out a strategic operation. In a press release published Wednesday morning, the air carrier announces the signing of a long-term partnership with Marseille-based CMA CGM, the world’s third-largest container ship operator. The agreement, negotiated in the greatest secrecy, allows the title Air France-KLM to take the lead in the SRD, with a gain of 6.8%, to 4.23 euros, at midday. The fact is rare enough to be underlined.
With an initial duration of 10 years, this commercial partnership will enable the two groups to combine their fleet of 10 all-cargo aircraft (4 at CMA CGM, 6 at Air France-KLM), with the possibility, subsequently, for the Franco-Dutch carrier to operate two of the eight aircraft currently on order with CMA CGM. Four orders are also in progress at Air France-KLM.
The agreement ” also covers the hold capacity of Air France-KLM aircraft transporting passengers, including more than 160 long-haul aircraft “, detail the two groups in a joint press release, which are surfing on the appetite for intermodal logistics solutions. The two companies will have a common base at Roissy-CDG, the Air France hub.
Easier capital increase?
For one, as for the other, the partnership is a winner. The Marseille shipowner will accelerate the development of its air division, created only a year ago. This branch “ in air cargo is expanding, thanks in particular to the entry into service of several all-cargo aircraft, and to orders for new aircraft which will significantly increase the capacity of the fleet in the months and years to come. », underlines CMA CGM. Also a winner, Air France-KLM is consolidating its positions in cargo, an activity which stood out during the health crisis, resisting turbulence, when passenger traffic, hampered by confinement, had fallen to the ground. Above all, the group chaired by Ben Smith will welcome a new shareholder in turn. CMA CGM could take up to 9% of the capital of Air France-KLM following a forthcoming capital increase. Enough to reduce the pressure on the shoulders of the carrier, which still has to raise 4 billion euros as part of its financial restructuring. ” This is a strong argument to facilitate the next capital increase confirms the analyst from Oddo BHF in charge of monitoring the value.
CMA CGM would support the current shareholders. To date, the French State, the first of them, holds 28.6% of the capital of Air France-KLM, ahead of China Eastern Airlines (9.6%), the Dutch State (9.3% ) and the American Delta Air Lines (5.8%). ” The arrival of such an industrial shareholder strengthens the company’s arguments against institutional investorsestimates the analyst of Oddo BHF. On the other hand, this partnership makes it possible to strengthen the solidity of the freight activity and certainly its pricing power that we see so far eroding to return to the 2025 financial year at levels close to those of 2020. The transaction, the amount of which has not been specified, must still be submitted to consultation with employee representatives and obtain the approval of regulators. The partnership should be operational by January 2023.
PC