Etude de l'AG du 04/09/2017
Les actionnaires sont convoqués dans le cadre des partenariats stratégiques mis en place avec China Eastern Airlines d'une part et avec Delta Air Lines et Virgin Atlantic d'autre part qui prévoit notamment que China Eastern et Delta Air Lines prennent chacune une participation de 10% du capital d'Air France-KLM.
Bien que ces partenariats soient tout à fait pertinents statégiquement, plusieurs aspects des opérations proposées ne sont pas totalement convaincants et, surtout, le prix retenu pour les augmentations de capital présente une décote trop importante en faveur des deux nouveaux actionnaires pour être accepté. Par conséquent, les résolutions 3 et 4 ne seront pas soutenues.
Par ailleurs, il est prévu que les deux nouveaux actionnaires soient représentés au conseil. Selon la politique de vote de Proxinvest, la présence des trois principaux actionnaires au conseil est légitime quelque soit l'indépendance du conseil. Par conséquent, nous recommandons l'approbation des résolutions 1 et 2.
Air France-KLM is a holding company. Through its subsidiaries, Co. is engaged in transporting passengers and cargo, aeronautics maintenance and other air-transport related activities, including catering and charter services. Co. operates in six geographical regions: Metropolitan France; Europe (except France) and North Africa; Caribbean, French Guiana and Indian Ocean; Africa, Middle East; Americas, Polynesia; and Asia and New Caledonia. Co. organizes its business around the following four segments: Passenger, providing passenger transportation services on scheduled flights; Cargo, transporting freight on flights and selling cargo capacity to third parties; Maintenance, and Other activities.
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