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    AF   FR0000031122

AIR FRANCE-KLM

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Real-time Euronext Paris  -  11:37 2022-10-05 am EDT
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Air France KLM, Delta, Alitalia offer concessions to settle EU probe

10/21/2014 | 06:56am EDT
Customers wait their turn to be served in a line at the Delta airlines office in Caracas

BRUSSELS (Reuters) - Skyteam alliance partners Air France KLM (>> AIR FRANCE-KLM), Delta Air Lines (>> Delta Air Lines, Inc.) and Alitalia have offered to give up slots at three airports and made other concessions to try to settle an EU antitrust investigation, the European Commission said on Tuesday.

BRUSSELS (Reuters) - Skyteam alliance partners Air France KLM (>> AIR FRANCE-KLM), Delta Air Lines (>> Delta Air Lines, Inc.) and Alitalia have offered to give up slots at three airports and made other concessions to try to settle an EU antitrust investigation, the European Commission said on Tuesday.

The carriers found themselves in the Commission's sights in January 2012, after the EU competition authority said their alliance, involving profit-sharing and joint management of prices and capacity, may push up prices on the Paris-New York, Amsterdam-New York and Rome-New York routes.

The Skyteam alliance, which allow its 20 member airlines to team up via code-sharing agreements to boost the number of flights they offer to certain destinations, competes with Oneworld and Star Alliance.

The Commission said the three carriers offered to give up slots at Amsterdam, New York and Rome airports.

"The commitments are primarily aimed at enabling competing airlines to start operating or extend existing operations on the affected routes by lowering barriers to entry or expansion," the EU competition watchdog said in a statement.

The carriers are also prepared to let rivals sell tickets on their flights and facilitate their access to connecting traffic. The Commission said it would seek feedback from third parties before deciding whether to accept the concessions.

Oneworld members British Airways (>> International Consolidated Airlines Grp), American Airlines (>> American Airlines Group Inc) and Iberia offered similar concessions in 2010 to settle an EU probe while Star Alliance members Lufthansa (>> Deutsche Lufthansa AG), United Airlines [UALCO.UL] and Air Canada (>> Air Canada) did the same in 2013.

(Reporting by Foo Yun Chee; editing by Adrian Croft/Keith Weir)

By Foo Yun Chee


© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM -1.35% 1.2825 Real-time Quote.-33.41%
DELTA AIR LINES, INC. -1.14% 30.435 Delayed Quote.-21.32%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -1.34% 99.71 Delayed Quote.-29.07%
TEAM -7.54% 368 Real-time Quote.22.84%
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Financials
Sales 2022 24 046 M 23 964 M 23 964 M
Net income 2022 -135 M -134 M -134 M
Net Debt 2022 8 158 M 8 131 M 8 131 M
P/E ratio 2022 29,3x
Yield 2022 -
Capitalization 3 295 M 3 249 M 3 284 M
EV / Sales 2022 0,48x
EV / Sales 2023 0,44x
Nbr of Employees 71 984
Free-Float 47,1%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 1,30 €
Average target price 1,82 €
Spread / Average Target 39,7%
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Managers and Directors
Benjamin M. Smith Chief Executive Officer & Director
Steven Zaat Chief Financial Officer
Anne-Marie Couderc Non-Executive Chairman
Jean-Christophe Lalanne Executive Vice President-Information Technology
Isabelle Bouillot Independent Director
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