Monday, July 4

Air France-KLM forms strategic cargo tie-up with CMA CGM

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PARIS — Air France-KLM on Wednesday unveiled a long-term air cargo partnership with France’s CMA CGM Group, which will become a new core shareholder in the Franco-Dutch carrier.

As part of a possible capital increase at the airline group, CMA CGM will take up to 9% of Air France-KLM’s capital for the duration of their exclusive partnership, which is initially set to run for 10 years, the two companies said in a statement.

The tie-up is subject to anti-trust approval. (Reporting by Tim Hepher; Editing by Sudip Kar-Gupta)