Air France-KLM shares plummet in aftermath of CEO Janaillac 's resignation

United we stand Alex Ferguson transformed Manchester's Red Devils

United we stand Alex Ferguson transformed Manchester's Red Devils

Since the 2004 merger with the Dutch KLM carrier, Air France has been unable to return to profitability. Zacks Investment Research upgraded shares of Air France-KLM from a hold rating to a buy rating and set a $19.00 price objective on the stock in a research report on Thursday, January 4th. Monday's walk-out is the 14th day of action, as staff press for a 5.1% salary increase this year.

The survival of strike-hit Air France is in the balance, according to the country's economy minister.

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

"The survival of Air France is in the balance", Le Mair said.

The warning follows the resignation of Air France CEO Jean-Marc Janailla on Friday, which signals the suspension of negotiations until new management is appointed. That is 80% od medium-haul services and 87% of short-haul flights.

Analysts have compared a rejection of management's pay proposal by workers to "pressing the self destruct button", and French Finance Minister Bruno Le Maire on Sunday said the worker's demands were "unjustified", urging them to show "responsibility".

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

Air France-KLM reported a net loss of 269 million euros ($322 million) in the first quarter of the year.

Airline staff are planning further strikes on May 7 and May 8.

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

Travellers should expect last minute delays and cancellations, Air France said, adding it will update its flight schedule for Tuesday later today.

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