A court in The Hague has turned down an appeal to delay the Air France/KLM merger offer, which closed on 3 May. The Dutch shareholders' lobbying group VEB called for an extension to allow shareholders to examine the annual results of KLM, which will be published on 6 May, and of Air France, which will be released on 18 May. VEB had earlier argued against the merger on the grounds that the offer undervalued KLM - paying shareholders the equivalent of €850 million ($1 billion) in stock for the airline, which VEB argued was worth €1.5 billion.
Source: Flight International
