The booming logistician could control up to 9 % of the air group in difficulty.
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The expected consolidation in the air transport sector at the end of the pandemic has just known its first surprise guest. Air France-KLM and the French CMM CGM CONTER-CONTER-CONTERNING operator announced, on Wednesday, May 18, to have concluded “a strategic partnership” to jointly exploit their air freight capacities. On the occasion of this rapprochement, the third world operator of container ships will enter the Table of the Dutch Franco Company.
He could ultimately have up to 9 % of the capital. “This investment could take place on the occasion of Air France-KLM’s capital increase as intended in the announcement made on February 17,” the two groups announced. With a participation of 9 %, CMA CGM will become the fourth shareholder behind the French State (28.6 %), China Eastern (9.6 %) and the Netherlands (9.3 %). It will ahead of the American Delta Airlines, who has only 5.8 % of the shares.
a delicate posture
The partnership of the two companies in freight illustrates the rise of this activity during the pandemic. Blocked at their home during multiple confinements around the world, consumers are increasingly used to ordering on the Internet. A new mode of consumption that made airlines happy during the crisis. Thanks to the transport of millions of e-commerce packages, they were even able to pay the fixed vacuum flight costs. And save yourself from bankruptcy.
This freight boom has not escaped CMA CGM. A little over a year ago, in February 2021, the carrier had put an end to a rapprochement with the Dubreuil group, owner of Air Caraïbes and French Bee. At the time, the logistician discussed an equity investment in these two airlines. Ultimately, he preferred to launch solo in air freight with his own CMA CGM Air Cargo company and the purchase of four Airbus A320.
For Air France-KLM, the emergence of CMA CGM is as much a surprise as a confirmation. Buried in full flight by the pandemic, the Franco-Dutch company had to be strongly supported at arm’s length by the state. Saved from bankruptcy by taxpayer money who will have loaned seven billion euros, Air France-KLM is not released. To reduce its debt, the company must still be recapitalized. It awaits an additional four billion euros. A delicate financial posture that falls badly. Just when the world’s consolidation starts in the world.
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