The Dutch government has more than doubled its stake in Air France-KLM to almost match the shareholding of the French government in the airline company.
On Tuesday evening, the Dutch government bought an initial 12.7% of Air France-KLM and on Wednesday increased its stake to 14% for a total of €774 million.
The French government, which already owned 14.3% of the airline company, was only told of the Dutch government’s intentions after the first of the shares had been bought late on Tuesday, according to reports in Paris.
Previously, the Dutch government owned only a 6% stake in KLM, which is the smaller subsidiary, while France owns 14.3% of the holding company.
French Finance Minister Bruno Le Maire said the company should be ‘managed without national public interference’ and a a French ministry source told AFP news agency the Dutch share swoop was both ‘surprising’ and ‘unfriendly’.
Dutch Finance Minister Wopke Hoekstra said the stake ‘ensures we have a seat at the table’.
The justification, he said, was to protect Dutch economic interests and jobs – particularly regarding Amsterdam’s Schiphol airport.
The Dutch move came after a series of disagreements in which they felt they did not have enough influence in the holding company, which was deciding strategy.
