Air France Shares Drop Sharply As Strikes Continue

Turkey vows to launch new cross-border military operations

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Mr Le Maire appealed "to the sense of responsibility of each of the air crew, ground staff, pilots who are asking for unjustified wage increases" but also warned that the French government should not be expected to backstop the company.

Intermittent strikes in recent weeks have prompted the cancellation of a quarter of flights on average.

"Following the results of the staff consultation launched on 20 April 2018, Jean-Marc Janaillac, Chairman and CEO of Air France-KLM, has confirmed his decision to resign", an Air France statement read, Friday.

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

"If it doesn't make the necessary efforts to be at the same competitive level of Lufthansa and other major airlines, it will disappear", Le Maire said on BFM TV.

French unions have complained the company's management is not serious about negotiations.

The Dutch Finance ministry is "keeping an eye on the situation", spokesman Coen Gelinck said.

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

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The overall cost of eleven days of strikes is estimated at some 300 million euros (almost $359 million), with one day of protests costing the company slightly more than 25 million euros.

During Janaillac's tenure, Air France-KLM struck deals with Delta Air Lines DAL.N and China Eastern 600115.SS , which each acquired stakes of just under 9 percent.

A simmering conflict exploded into open carnage in late 2015, when two of the airline's executives were physically assaulted by enraged workers, forcing them to flee and scale an industrial fence, their business suits and shirts ripped to shreds.

According to De Telegraaf newspaper, Airbus's former chief operating officer Fabrice Bregier is a candidate to succeed Janaillac.

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

Air France reported Friday that it lost $320 million in the first quarter of 2018, adding that the strike will lead to at least $330 million more in lost revenue through the end of the year.

Monday's walk-out is the 14th day of action. A majority of labour representatives have to approve any wage deal to take effect.

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