Although the authorities have approved Air France KLM’s entry into the capital of Virgin Atlantic, the operation may not take place in the event of a “no deal Brexit”.
During the presentation of the group’s quarterly results to analysts, Frédéric Gagey, Air France-KLM’s chief financial officer, said that a clause would allow the shares to be returned in the event of a “hard Brexit”and thus restore Virigin Atlantic to its British citizenship. So it’s not that the deal can’t be done but, technically, that it’s still possible to back out.
In our previous article we had questions about the outcome of this deal in case of “no deal brexit”: they are confirmed and an answer is provided.
In addition, Frédéric Gagey answered some of our other questions.
– While multiple joint ventures currently exist between Delta Airlines and Virgin Atlantic on the one hand and Delta, Air France KLM and Alitalia on the other, there is a move towardsa single joint venture with the four airlines on transatlantic routes. Until we know whatwill happen to Alitalia.
– It is up to Virgin Atlantic to decide whether to join Skyteam or not. But for Gagey this would be the most “natural” option.
Photo : Virgin Atlantic by Steve Cordory via Shutterstock.
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