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08 May 2018, 01:37 | Damon Campbell
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Air France shares have gone into a tailspin on the Paris stock exchange today amid warnings the strike-hit company could "disappear".
While airlines from Deutsche Lufthansa AG to British Airways - and lately even low-priced specialist Ryanair Holdings Plc - have all had their share of corporate dysfunction brought on by strikes, none has suffered to the extent as Air France. It estimates the industrial action has so far cost it 300 million euros ($357 million).
Jean-Marc Janaillac, who heads the Franco-Dutch airline group, said on Friday he would resign after losing a vote over pay that aimed to end a series of damaging strikes.
The offer was open until 4 May, but did not receive the number of signatures required for it to be implemented.
Air France-KLM shares fell more than 14 percent before recovering some losses to trade down 10 percent at 7.28 euros ($8.68) at 1230 GMT, their lowest level since April 2017.
The rejection by the unions of a 2% wage increase for 2018 led to the call of a third strike this month and the company announced the cancellation 15% of flights this Monday.
Flights by KLM and Hop! will not be affected by the walkout, Air France said, adding customers with tickets for travel Monday or Tuesday can re-book free of charge.
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And on Sunday, minister Bruno Le Maire warned Air France could "disappear".
Unions have been calling for a 5.1% 2018 increase, arguing that salaries have stagnated in recent years.
Philippe Evain, president of the French SNPL pilot union, told RTL radio Monday he was "shocked" by Le Maire's comments, adding that "the survival of Air France is not in question". Air France-KLM reported a net loss of €269 million ($322 million) in the first quarter of the year.
This is in sharp contrast to its performance previous year, when the shares rose 160 percent as Janaillac initiated reforms to restructure and improve the finances of its French brand, said Roche Brune Asset Management's Laverne.
The French government owns 14.3% of the Air France-KLM parent group.
"If Air France does not become more competitive". Mr Janaillac had put his job on the line as workers voted on a pay offer by management, a bet he lost as staff rejected the proposal late on Friday.
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