May 4 2004
From The Space Library
Commercial airlines Air France and KLM Royal Dutch Airlines announced that they would merge, creating the world's largest airline, in terms of revenue. Under the terms of the merger, the two companies would trade stock shares, with KLM shareholders tendering almost 42 million shares ~ nearly 90 percent of the company's capital. Air France would issue approximately 46 million new shares to KLM shareholders, reducing the French government's interest in the airline from 54 percent to less than 45 percent of total shares. The combined annual revenue of the two companies would be nearly US$23 billion, eclipsing the US$17.4 billion annual revenue of American Airlines, which had previously received the highest revenue of any airline. (Los Angeles Times, “Air Frances Completes Deal with KLM Royal Dutch,” 5 May 2004.
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