Air France shares down nearly 13 percent after CEO quits

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He warned that the state, which owns 14.3 percent of the group, would not serve as a backstop.

France's finance minister, Bruno Le Maire, told CNN affiliate BFMTV on Sunday that the labor dispute "threatens the survival of Air France".

ValuEngine lowered shares of Air France-KLM (OTCMKTS:AFLYY) from a buy rating to a hold rating in a research note published on Friday morning.

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.

On Monday, unionized staff are set to walk out for the 14th day as they press for a 5.1-percent salary increase this year.

"Air France will disappear if it does not make the necessary efforts to be competitive".

Regardless of the strike, the carrier demanded that it is ready to keep up 99% of whole deal flights on Monday, 80% of medium-pull administrations and 87% of short-pull flights.

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Over the first quarter of 2018, the company posted €269 million in losses, up from €33 million during the same period a year ago. The company declined to comment further on what format that would take or how long the transition would last.

Back in 2015, protesters ripped the shirts off Air France executives after the company revealed plans to cut thousands of jobs.

Air France-KLM is one of Europe's biggest airlines, but has seen a series of strikes in recent weeks.

Le Maire said French taxpayers won't bail the company out.

Air France-KLM (OTCMKTS:AFLYY) has been assigned an average rating of "Hold" from the eight research firms that are now covering the stock, reports.

"There's reason enough to be anxious", CFDT leader Laurent Berger.