Evolution in the commercial cooperation in air cargo between Air France-KLM and CMA CGM

Rhea-AI Summary

Air France-KLM and CMA CGM have announced their decision to withdraw from their existing cargo commercial cooperation agreements, effective March 31, 2024, due to tight regulatory environments in certain important markets. Both groups are in discussions to operate independently from that date onwards, while CMA CGM remains a core shareholder in Air France-KLM. The parties have also agreed to amend the existing lockup on CMA CGM shares in Air France-KLM’s capital, with CMA CGM stepping down from the Air France-KLM Board of Directors on March 31, 2024.

Paris, Marseille, January 16, 2024

Evolution in the commercial cooperation in air cargo between Air France-KLM and CMA CGM

In May 2022, Air France-KLM and CMA CGM announced their intention to enter into a cargo commercial cooperation, which became effective in April 2023.

The tight regulatory environment in certain important markets has prevented the cooperation from working in an optimal way.

As a consequence, Air France-KLM and CMA CGM today announce their decision to withdraw from their existing agreements from March 31, 2024. Air France-KLM and CMA CGM have begun discussions on new terms and conditions of a commercial relation to operate independently from March 31, 2024 onwards.

Both groups remain committed to work collaboratively, to ensure cargo customers can continue to benefit from their respective networks.

CMA CGM remains a core shareholder in Air France-KLM. The parties have agreed to amend the existing lockup on CMA CGM shares in Air France-KLM’s capital, which will now be effective until February 28, 2025¹. The parties have agreed that CMA CGM will step down from the Air France-KLM Board of Directors on March 31, 2024.

Investor Relations                                                        

Michiel Klinkers                        Marouane Mami                                                            

michiel.klinkers@airfranceklm.com        marouane.mami@airfranceklm.com

Website: www.airfranceklm.com

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1 The initial lock-up undertaking of CMA CGM (initial lock-up on all the Company's shares subscribed by CMA CGM in the rights issues announced on May 24, 2022 expiring on June 15, 2025, and subsequent lock-up period on 50% of such shares expiring on June 15, 2028) is modified to provide that the initial lock-up period ends on February 28, 2025, without any subsequent lock-up period.

 

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• Evolution in the commercial cooperation in air cargo between Air France-KLM and CMA CGM

FAQ

What is the status of the cargo commercial cooperation between Air France-KLM and CMA CGM?

Air France-KLM and CMA CGM have decided to withdraw from their existing cargo commercial cooperation agreements, effective March 31, 2024, due to tight regulatory environments in certain important markets.

What is the impact of the withdrawal on CMA CGM's relationship with Air France-KLM?

CMA CGM remains a core shareholder in Air France-KLM and both groups are in discussions to operate independently from March 31, 2024 onwards.

What changes have been made to the lockup on CMA CGM shares in Air France-KLM’s capital?

The parties have agreed to amend the existing lockup on CMA CGM shares, with the initial lock-up period ending on February 28, 2025, without any subsequent lock-up period.