airfrance+KLM merger.docx
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airfrance+KLM merger.docx
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airfrance+KLMmerger
AIRFRANCEANDKLMROYALDUTCHAIRLINES
TOCREATEEUROPE’SLEADINGAIRLINEGROUP
PARIS,FranceandAMSTELVEEN,TheNetherlands–September30,2003–AirFrance(EURONEXT:
AIRF.PA)andKLMRoyalDutchAirlines(EURONEXT:
KLM;NYSE:
KLM).
AirFranceandKLMtodayannouncethattheyexpecttoconcludeanagreementthatwouldleadtothecreationofEurope’sleadingairlinegroupthroughashareexchangeofferbyAirFranceforKLMcommonshares.ThenewgroupwillbecalledAirFrance-KLMandwillcapitalizeontwowell-knownbrands,stronghubsandcomplementarynetworks.ThismajorstrategicstepisunprecedentedintheEuropeanairlineindustryandisexpectedtocreatesubstantialvalueforshareholders.TheBoardsofbothcompaniesbelievethatthisproposedcombinationisinthebestinterestofcustomers,shareholdersandemployeesofbothgroupsandrepresentsasignificantopportunityforfurthergrowth.
Jean-CyrilSpinetta,ChairmanandChiefExecutiveOfficerofAirFrance,said:
”Wehavealwaysbeenconvincedofthenecessityofconsolidationintheairlineindustry.Today,weannounceacombinationwithKLMthatwillcreatethefirstEuropeanairlinegroup,whichisamilestoneinourindustry.Thiswillbringsignificantbenefitstocustomers,shareholdersandemployees.Capitalizingonthetwobrandsandonthecomplementarystrengthsofbothcompanies,weshould,withinSkyTeam,beabletocaptureenhancedgrowthopportunities.”
LeovanWijk,PresidentandChiefExecutiveOfficerofKLM,said:
“KLMhasbeenpointingouttheneedforconsolidationinlightofthechallengesfacingourindustry,andwehavenotmadeitasecretwewerelookingforastrongEuropeanpartner.ThroughthisinnovativepartnershipwithAirFranceandoursubsequentexpectedparticipationintheSkyTeamalliance,weareconfidentthatwehavesecuredasustainablefutureforourcompany.OurvaluableSchipholhubwillbeanintegralpartofthedualhubstrategyofthenewairlinegroup,allowingustobuildonwhatKLManditsstaffhaveachievedovernearly85years.”
TheSupervisoryBoardandBoardofManagingDirectorsofKLMhaveunanimouslyrecommendedthetransaction.
TheAirFranceBoardhasauthorizedtheChairmanandCEOofAirFrance,Jean-CyrilSpinetta,tosigntheagreementenablingtheimplementationofthecombinationbetweenthetwoairlinecompanies.
AirFranceandKLMexpecttosignthetransactionagreementwithinthenextfewweeks.
MainFinancialTermsoftheProposedExchangeOffer
Exchangeoffer
11AirFrancesharesand10AirFrancewarrantsfor10KLMcommonshares
Warrants
3AirFrancewarrantsgivetherighttosubscribeortoacquire2AirFrancesharesatanexercisepriceofEUR20;maturityof3.5yearsaftertheclosingofthetransaction,exercisableafter18months
Indicativevalueoftheoffer
EUR16.74perKLMcommonshare
TheenvisagedtransactionvaluesthecommonsharecapitalofKLMatapproximatelyEUR784million(includingthetheoreticalvalueofthewarrants)andtheexchangeofferrepresentsapremiumof40percentovertheclosingsharepricesofKLMatSeptember29,2003and77percentbasedontheaverageclosingsharepricesofAirFranceandKLMsharesoverthelastthreemonths.
Assuming100percentacceptanceoftheofferandbeforeexerciseofthewarrants:
-CurrentKLMcommonshareholderswouldown19percentoftheenlargedgroup.
-TheshareholdingoftheFrenchStateinAirFrancewouldmechanicallybedilutedfrom54percentto44percent.
-TheotherAirFranceshareholderswouldown37percentoftheenlargedgroup.
AirFrancewillmakeanoffertoallKLMcommonshareholders,includingthoseintheUS.SharesandwarrantsofAirFranceareexpectedtobelistedonEuronextParis(primarylisting),EuronextAmsterdamandontheNewYorkStockExchange(intheformofAmericanDepositoryShares).
OneGroup–TwoAirlines–ThreeCoreBusinesses
Combined,AirFranceandKLMhaveEUR19.2billioninaggregateannualrevenues,serve226destinationsworldwide,operateafleetofsome540aircraftandemployapproximately106,000people(inthefiscalyear2002/03).
Increatingonegroup,whilemaintainingtwooperatingcompaniesandbuildingonthestrengthsoftheirrespectivebrands,hubsandnetworks,thegroupwillcontinuetofocusonthreecorebusinesses:
Passengers(77percentofaggregaterevenues),Cargo(14percent)andMaintenance(4percent).
TheproposedtransactionwillstrengthentheSkyTeamalliance,whichwillbecomethesecondlargestallianceworldwide.Inmostareas,thegroupwillalsocontinuetobenefitfromongoingcooperationwiththerespectivepartnersofbothairlines.Furthermore,inthemediumterm,thecombinedgroupcouldbereinforcedbythepotentialintegrationofAlitalia.
Synergies
AirFranceandKLMhaveidentifiedandevaluatedanumberofareasforpotentialsynergies.TheseareexpectedtograduallyincreaseandhaveapositiveimpactontheconsolidatedoperatingincomeofatleastofEUR385-495millionasofthefifthyearonanannualbasis.Synergybenefitsshouldberealizedthroughnetworkoptimization,improveddeploymentofassets(bothforthepassengerandcargobusinesses),betterofferingsinmaintenanceandcostsavingsinthefieldsofprocurement,salesanddistribution,maintenanceandinformationtechnology.Customerscanexpecttobenefitfromthesesynergiesthroughanextendedroutenetworkwithincreasedflightfrequencies,attractivepricingandseamlessservicethroughoutthenetwork.
TheKLMrestructuringplanannouncedinApril2003willnotbeimpactedbytheimplementationoftheabove-mentionedsynergyplanandKLMmanagementremainscommittedtodeliveringtheEUR650millionimprovementsinoperatingincomebyApril1,2005.
StructureoftheNewGroup
FollowingtheproposedcombinationofAirFranceandKLMandassoonaslegallypossible,itistheintentionthatallAirFranceassetswillbecontributedtoanewlycreatedoperatingcompany(AirFrance).ThecurrentlylistedAirFranceCompany,renamedAirFrance-KLM,willthenholdtwooperatingcompanies:
AirFranceandKLM.
ThecombinationisstructuredtoensureandprotectKLM’sinternationaltrafficrightsgoingforward.Notably,51percentofvotinginterestinKLMwillbeheldbytwoDutchFoundationsandtheDutchStateduringatransitionalperiodofthreeyears.ThecurrentoptionagreementwiththeDutchStatewillremaininplace,subjecttocertainamendments.
Governance
TheChairmanandCEOofAirFrancewillbeChairmanandCEOofAirFrance-KLM.TheCEOofKLMwillbeViceChairmanoftheAirFrance-KLMBoard.
AStrategicManagementCommitteeatAirFrance-KLM’slevelwillberesponsiblefortheoverallgroupstrategy.
Stakeholders’Assurances
ToprotectspecificinterestsofKLManditsstakeholders(including,amongstothers,securingtrafficrights,fairlong-termhubdevelopmentofAmsterdamAirportSchipholandpreservationoftheKLMbrandandKLM’sDutchidentity),AirFrancewillagreetogivecertainassurancestoKLMandtheDutchState,whilstpreservingtheinterestsofthenewgroupanditsshareholders.UnderDutchlaw,aseparateKLMassurancesfoundationwillbeestablished,whoseBoardwillhavecertainpowersofoversightconcerningtheseassurances.
ThedurationoftheseassuranceshasbeenagreedfortheperiodoffiveyearswithrespecttotheKLMassurancesandhasbeenagreedfortheperiodofeightyearswithrespecttoassurancesgrantedtotheDutchState.
IndicativeTimetable
September30,2003
Initialpublicannouncement
October15,2003
Signingofthefinaltransactionagreement(expected)
ExpectedOctober2003
FilingwithDepartmentofJusticeandEuropeanCommission
FirsthalfofMarch2004(*)
Exchangeoffertobelaunched
SecondhalfofMarch2004
ExtraordinaryGeneralMeetingsofAirFranceandKLMshareholders
FirsthalfofApril2004
Closingoftheproposedexchangeoffer
(*)ThetimeframebetweenthisinitialpublicannouncementandthelaunchoftheexchangeofferisprimarilydrivenbyregulatoryrequirementsrelatingtothelistingofAirFrance-KLMsharesintheUnitedStates.
TheDutchAuthorityfortheFinancialMarkets(‘AFM’)willbedulyinvolvedandwill,totheextentrequired,berequestedtograntexemptions,inordertocomplywithapplicablelegalrequirementsforpublicoffers.
FinancialAdvisors
LazardactedasfinancialadvisortoAirFranceinthistransaction.
EachofABNAmro(lead)andCitigroupactedasfinancialadvisortoKLMinprovidingafairnessopinion,statingthattheconsiderationisfair,fromafinancialpointofview,totheKLMcommonshareholders.
Tableofcontentsoftheappendices
1-Strategicrationaleofthetransaction
2-Keytermsandconditionsoftheproposedtransaction
3-Avalue-creatingtransaction
4-OrganizationandManagement
5-Assurances
MediaEventsandInvestorCommunityInformation
PressConferences
∙10amCET:
AmsterdamSchipholAirport
ThepressconferenceisalsoaccessiblevialiveaudioonlywebcastontheKLMInvestorRelationsatunder“EventsandPresentations”.
∙2pmCET:
HotelHiltonatParisCDGAirport
ThepressconferenceisalsoaccessiblevialivewebcastontheAirFranceInvestorRelations
atandontheCorporateCommunicationswebsiteat
Analystsandinvestorsmeeting
∙4.30pmCET:
HotelHiltonatParisCDGAirport
Themeetingwillbeaccessiblevialivewebcastonthefollowingwebsite:
Formoreinformation
AirFranceMediaRelationsKLMMediaRelations
VeroniqueBrachetBartKoster
+33(0)141565600+31(20)6494545
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