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Dutch Back Air France-KLM Bailout After Pilots Agree Wage Deal

KLM
Photographer: Michaela Handrek-Rehle/Bloomberg

The Netherlands has given final approval to a 3.4 billion-euro ($4 billion) bailout for the Dutch arm of Air France-KLM after pilots at the struggling carrier agreed to wage caps that could last for five years.

The stock rose Wednesday after Dutch Finance Minister Wopke Hoekstra said the money will be granted following the deal between the VNV cockpit union and KLM to secure cost cuts for the duration of the rescue package.