After the bankruptcies of Aigle Azur, which Air Austral rented aircraft, and XL Airways, company serving Reunion Island that can not count on the support of the Region as Air Austral, it is a new bad news that has shaken the Reunion company.
Indeed, the Malagasy government has announced its intention to increase the capital of Air Madagascar. For the moment, the consequence of Air Austral's strategic partnership with the national airline of Madagascar gives the following capital structure: 51% for the Malagasy State, 49% for Air Austral. Air Austral has obtained the operational direction of the company.
Requested by the Malagasy state to participate in this capital increase, Air Austral would have refused, according to Zinfos 974. As a result, the Malagasy State will turn to other investors to succeed his tour de table. If successful, it is clear that the share of Air Austral in the shareholding of Air Madagascar will decline, which could result in the arrival of a new direction beyond the control of Air Austral, with key a strategy that could seek to break the monopoly of Air Austral on the service of Madagascar from Reunion and Mayotte.
This announcement of the Malagasy State highlights the lightness with which Air Austral embarked on this adventure. To enter the capital of the airline sister island, several tens of millions of euros were injected, knowing that the shareholder to more than 90% of Air Austral is a SEM, the SEMATRA , where the Region is the majority.
In other words, Air Austral played a dangerous game with the money of the taxpayer Reunion. She may become the turkey of the farce because her leaders have once again made a strategic mistake. Without forgetting that on October 17, the justice will deliver its verdict on the dispute between Air Madagascar and Air France. The French company is asking more than 100 million euros for the rental of an aircraft to the Malagasy company.
Air Austral turkey stuffing
So far, the Air Austral management set up by Didier Robert has been able to count on the support of the Reunion Region to help him in the face of his financial difficulties, via SEMATRA. This flight forward may still last for a long time, given the recomposition of the airscape linked to the eruption of low-cost long-haul, a model that Air Austral had the means to set up to become a precursor worldwide in this area, but that the direction chosen by Didier Robert refused because it went against the clientelist policy of distribution of coupons on air tickets, that the President of the Region has deployed to pay a price.