French carrier Aigle Azur receives 14 takeover bids

Darren Wood
By Darren Wood September 10, 2019 14:02

French carrier Aigle Azur receives 14 takeover bids

French carrier Aigle Azur has received 14 takeover bids which were submitted before the deadline of 9 September.

Martin Surzur, president of Aigle Azur SNPL union, said that among the 14 offers that were presented, there were two “main” proposals.

It’s speculated that one of them is most probably Air France, which according to a union source quoted by Franceinfo, offered to inject €15 million into the company and hire up to 70% of the French employees of Aigle Azur, which would represent about 800 employees out of 1,150.

Other possible suitors include Air France-KLM who are said to be interested in the airline in order to take control of its landing slots at Paris Orly airport; and EasyJet who has expressed interest in purchasing Agile Azur’s Orly operations.

The airline filed for bankruptcy last week after it was placed in receivership despite generating revenue of $329 million last year, transporting 1.9 million passengers. 

Chinese conglomerate HNA Group, which also owns Hainan Airlines, is the largest stakeholder with 49%. American airline entrepreneur David Neeleman, whose companies include JetBlue and TAP Air Portugal, owns 32%, and French businessman Gerard Houa holds a 19% stake.

Darren Wood
By Darren Wood September 10, 2019 14:02