ENXTPA:AFAirlines
Reassessing Air France-KLM (ENXTPA:AF) Valuation After CMA CGM’s Convertible Bond Linked to Its 8.8% Stake
Why CMA CGM's Move Jolted Air France-KLM Shares
The latest jolt in Air France-KLM (ENXTPA:AF) came from outside the cockpit, with major shareholder CMA CGM announcing a three year equity linked bond tied to its entire 8.8% stake.
This structure effectively puts a timer on potential share issuance. That helps explain why the stock slid around 9% as investors quickly repriced dilution risk, future selling pressure, and the balance between short term volatility and long term value.
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