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Air France Shares Down 13 Percent

Air France Shares Down 13 PercentAir France Shares Down 13 Percent

Air France shares went into a tailspin on the Paris stock exchange on Monday after the resignation of the strike-hit company’s CEO, AFP reported. Air France-KLM boss Jean-Marc Janaillac announced his resignation Friday after staff at the carrier’s French operations rejected a pay deal aimed at ending months of walkouts. Janaillac, who had been in the post for under two years and staked his future at the company on staff accepting the deal, deplored their decision as a “huge waste”. In early bourse business Air France stock was down nearly 13% at €7.08 ($8.45). Staff and management at the carrier have been locked in a dispute over pay since February. Intermittent strikes in recent weeks have prompted the cancellation of a quarter of flights on average. Unionized staff walked out for the 14th day on Monday as they press for a 5.1% salary increase this year as the company recovers from years of losses and restructuring. France’s economy minister on Sunday warned that the survival of Air France was now in the balance.

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