Air France was partially privatized in 1999. As part of its acquisition of KLM in 2004, the French government’s stake in the combined carrier was reduced from 54.4% to 44%. The deal made the group the world’s largest airline by revenue.
The acquisition of a flag carrier was controversial, and not only did it require the French government giving up majority control but commitments were also made regarding KLM’s independence. To this day KLM has its own CEO, the independence of whom group CEO Ben Smith apparently bristles at.