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Air France's 'absurd' valuation lures buyers where many fear to go

ENCOURAGING: Fund managers are reassured by the conciliatory approach being adopted by new CEO Jean-Marc Janaillac (centre) towards labour.

Toulouse, France

EVEN by the cut-throat standards of the aviation industry, Air France-KLM Group has been a dire case: labour fights that have turned violent, cost-cutting efforts blocked by politicians, low- cost carriers aggressively taking over its home market. Yet, more investors are