Cash-strapped French-Dutch airline, Air France KLM, has raised $2.4 billion from a new capital increase announced last month, which will mostly be used to pay back state aid.
In a statement, the carrier said that demand for the new shares issued in the rights issue — where existing shareholders have preferential subscription rights — amounted to 2.6 billion euros, outstripping the number of shares on offer.
The French and Dutch governments participated fully in the capital increase, meaning their shareholdings of 28.6% and 9.3% respectively would remain unchanged.
Shipping giant CMA CGM, based in Marseille, became the next-biggest shareholder with a stake of 9.0%.
Two other shareholders — China Eastern Airlines and Delta Airlines — saw their stakes reduced to 4.7% and 2.9% respectively.
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