Air France's future in doubt amid strikes, minister warns

Air France's future in doubt amid strikes, minister warns

Air France-KLM's board will decide on a management transition plan on 15 May, the company said on Saturday, after CEO Jean-Marc Janaillac said he would step down when staff at its French brand rejected a pay deal.

The future of strike-hit Air France hangs in the balance following the departure of its chief executive over a continuing strike over pay, the French economy minister warned on Sunday.

Air France-KLM (OTCMKTS:AFLYY) was downgraded by research analysts at ValuEngine from a "buy" rating to a "hold" rating in a note issued to investors on Friday.

"As a result, the pay agreement proposal of April 16 ensuring a 7% wage increase over 4 years, including a 2% increase in 2018, is no longer valid", the company said, and Janaillac is following through on his promise to be personally accountable.

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The past quarter was substantially poorer because of the ongoing strike action at Air France where staff are demanding fatter pay packages.

They began a 13th day of intermittent strikes Friday, prompting the cancellation of one-quarter of flights on average.

The French government, which owns a minority stake in the group, is watching the situation closely given the general atmosphere of discontent roiling the country, with rail workers, public servants and students also protesting a wide-ranging reform drive.

Unions were divided on the outcome of the vote, which had an 80.33 per cent participation rate.

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If employees reject the latest offer, "I would urge everyone to fasten their seat belts because in my opinion, the turbulence won't be light", Philippe told Europe 1 radio last week.

"Pain" Meanwhile, the company's unions said further strikes would be staged in the coming days.

In a statement the company said he would officially resign on May 9. Zacks Investment Research raised shares of Air France-KLM from a "hold" rating to a "buy" rating and set a $19.00 price objective for the company in a report on Thursday, January 4th.

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