Fortunes rise and fall. And yesterday’s trendsetter can become today’s laggard. In 2004, Air France and KLM set the model for European flag carrier consolidation when they formed the Air France KLM Group (AF KL) and took the lead as the world’s largest airline group in terms of revenue. Equally, the Franco-Dutch group moved into the elite league of world’s most profitable airlines, reporting a continuous set of increased net earnings and operating income in the ...

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