I must be missing something here. Where’s the advantage? This is a 20/80 stake for KLM shareholders (which is incidentally the same swap they turned down from BA), and represents a 40% premium on the share price.
But there’s no new identity, no staff cuts, no significant changes for 3 years. I don’t see how much has changed, except AF shareholders are poorer today than they were yesterday. This is like a Christmas Cracker with no snap, no hat, and no toys.