Alitalia accepts Air France offer
Señora Castro
Alitalia accepts Air France offer
Alitalia has been losing money for years
Troubled Italian carrier Alitalia has agreed to be bought by rival Air
France for a cut-price 138m euros(£106m:$215m) in a move to save the
state airline.
The Italian government, which holds 49.9% of Alitalia, failed to sell
the company by auction in 2007.
Alitalia has lost money for five years, and has struggled to clinch a
buyout.
Air France-KLM offered one share per 160 Alitalia shares, valuing
Alitalia at a low-value 0.10 euros a share.
That is a 81% reduction on Alitalia's current share price.
The offer includes plans for a 1bn euro capital injection by the
Franco-Dutch airline, which says it will also pay 608m euros to buy
back Alitalia bonds.
The proposed purchase could become a hot topic in Italy's general
election, being held on 13 and 14 April.
'National leader'
Alitalia, which is struggling under 1.2bn euros of debt, is hoping the
tie-up will generate significant savings.
There are a number of hurdles to be overcome before the deal is
sealed. Air France-KLM are seeking support for the move from Italian
trade unions.
The Italian government must also agree to sell its shares, and the
country's stock market and European Union competition regulators must
also give their backing.
Air France-KLM has a restructuring plan for Alitalia to enable it "to
rediscover the means of its development and to consolidate its status
as a national leader".
And it said Alitalia will maintain its national identity within the
Air France-KLM group after the takeover, which could be completed by
mid-2008.
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