Air France shares nosedive after CEO bails

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It was the first chance investors had had to respond to chief executive Jean-Marc Janaillac's resignation and comments by France's economy minister.

On Friday Air France announced a net loss of €269 million in the first quarter of 2018 and said the strike is set to cost the airline at least €300 million over the course of the year.

The offer was open until 4 May, but did not receive the number of signatures required for it to be implemented. Air France stock was down almost 13 per cent at 7.08 euros today.

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.

"The survival of Air France is in the balance", he said, adding that the state would not serve as a backstop for the airline's debts.

Details of affected flights can be found here.

Unionised staff are set to walk out for the 14th day on Monday as they press for a 5.1-per cent salary increase this year as the company recovers from years of losses and restructuring.

Mr Le Maire told French news channel BFM TV: "I call on everyone to be responsible: crew, ground staff, and pilots who are asking for unjustified pay hikes".

The French government owns 14.3% of the Air France-KLM parent group.

Until new management plans are in place, Air France executives lack a mandate to continue negotiations with unions, prolonging the dispute.

French Finance Minister Bruno Le Maire Sunday said the government, which owns 14 percent of Air France, would not rescue the airline.

Air France said Friday that rising expenses for jet fuel plus a stronger euro will add to the burden caused by a string of walkouts by staff fighting for higher wages.

After a protracted financial slump, Air France-KLM profits climbed past year as it expanded its global alliances and launched a new budget airline.

"This is a huge waste that can only make our competitors rejoice", Janaillac said of the failed vote. The industrial dispute come as separate strikes over Mr Macron's labour reforms are hitting France's national railways.

Of the 80.33% of Air France staff who took part in the pay vote, 55.44% voted "no" to the pay deal on offer.

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