La transformation of the €3 billion loan at an increase in the French State's shareholding in the airline Air France makes it a definitive aid to the long-term future of the company.
Le four-year loan of three billion euros granted last year by the French government to Air France will no longer be reimbursed. The European Commission has approved a new aid plan for the company. The French government has received EU approval for this aid to be transformed into a State contribution from own funds.
Questioned on France Inter, the French Minister for the Economy, Bruno Lemaire, also explained that theThe French government to acquire a stake in Air France. Participation of one billion euros is envisaged. This sum would enable the State to have a stake in the company of around 30%. " This will make the French state Air France's largest shareholder, "said the Minister during his interview.
18 slots in the balance at Orly
Bruno Lemaire pointed out that this financial manoeuvre had been carried out in cooperation with the Dutch authorities, a stakeholder in the Air France-KLM group.
There are, however, some compensatory measures required by the Commission. Firstly, theabandonment by the company of certain slots at Orly. The Minister for the Economy indicated that discussions with the European Commission had been bitter. The latter demanded that Air France return 24 daily time slots (on return frequencies). This figure had already been requested at the time of the recapitalisation of Lufthansa in Frankfurt.
In the end, the French government obtained that only 18 slots are available. Just under 4% of total slots owned by the Air France group. This includes the low-cost subsidiary Transavia.. Minister Bruno Lemaire immediately made it clear on France Inter that these slots would not be allocated to competing carriers engaged in social dumping. Ryanair has been warned...
