British Airways owner IAG plans to raise 2.75 billion euros ($3.27 billion) from shareholders to repair its finances and brace for a more chaotic future while KLM, the Dutch arm of Air France-KLM, said it would cut 1,500 additional jobs
Shares in IAG fell 7% to their lowest since 2012 at 167 pence, and are down 72% this year.The capital increase, which is fully underwritten, is conditional upon shareholder approval on Sept. 8, which Walsh said would be his last day in the job after the postponement of his retirement to steer IAG through the pandemic.
As well as Walsh being succeeded by Iberia boss Luis Gallego, chairman Antonio Vazquez will be replaced at the beginning of 2021 by Javier Ferran. IAG said the proceeds would not be used to fund the acquisition of Air Europa, the Spanish airline it agreed to buy for 1 billion euros last November, a deal it said it is trying to restructure.Technicians move a British Airways Airbus A380 airplane stored on the tarmac of Marcel-Dassault airport at Chateauroux, following the outbreak of the coronavirus disease in France July 30, 2020.
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