ENXTPA:AFAirlines
Did CMA CGM’s Equity-Linked Exit Option Just Shift Air France-KLM’s (ENXTPA:AF) Investment Narrative?
In recent days, shipping group CMA CGM issued a roughly €325 million three-year equity-linked bond that can be repaid in Air France-KLM shares, cash, or a combination, with the initial exchange rights referencing its full 8.8% stake and an exchange price set at a 30–35% premium to the reference share price.
The structure effectively puts a time-limited option over CMA CGM’s entire holding, raising questions about future ownership of the stake while leaving Air France-KLM’s own capital...