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It will also provide 900 million euros in financing in the form of preference shares redeemable no later than six years after closing.

The airline also intends to pay all future preference shares dividends as they fall due, it said.

Gilles Guibout, head of European equity strategies at AXA Investment Managers in Paris, said he was concerned about the fact that only preference shares would be issued, which don't have voting rights.

By contrast, its preference shares, which comprise its main class of stock, gained almost 9% during the same period in Frankfurt.

The illiquid assets include preference shares in four firms listed on the Guernsey stock exchange that have never traded.