European shares buoyed by Nestle, updates; turmoil hammers Air France

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Air France-KLM shares fell as much as 14.3 percent to an intraday low of 6.93 euros ($8.30) in early trading, around at their lowest level since April 2017.

Air France fell 12 percent after its CEO Jean-Marc Janaillac said on Friday he would resign after staff rejected a pay deal, plunging the airline into turmoil amid a wave of strikes at its French brand that has cost the company 300 million euros.

Air France-KLM is in danger of "disappearing" amid a series of continuing strikes, said France's economy minister on Monday. Air France stock was down almost 13 per cent at 7.08 euros today.

"I call on everyone to be responsible: crew, ground staff, and pilots who are asking for unjustified pay hikes", Economy Minister Bruno Le Maire told the BFM news channel.

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He warned that the state, which owns 14.3 percent of the group, would not serve as a backstop.

Air France committed to notifying passengers affected by the airline strike via text message or email "to confirm the potential impact on your journey", as long as those contact details were listed in a traveler's reservation.

Air France management had offered workers a salary increase of 2 percent in 2018 and a further 5 percent over the following three years.

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