Alitalia board approves Air France-KLM takeover deal
The board of Italian airline Alitalia on Sunday approved a formal takeover offer put forward by Air France-KLM after a marathon meeting.
By Agencies |
ROME: The board of Italian airline Alitalia on Sunday approved a formal takeover offer put forward by Air France-KLM after a marathon meeting, the group announced in a communique.
The operation is seen as critical to the troubled Italian airline's survival and a key first issue for the new government to be elected next month.
The Alitalia board meeting started in mid-morning Saturday and did not wind up until the release of a press statement at 0125 GMT Sunday.
"Alitalia's board of management deliberated unanimously" and decided to "accept the offer by Air France-KLM and to conclude the said contract," the statement said.
The Franco-Dutch airline on Friday unveiled its formal bid for Alitalia, which it said would be conditional on union support, after eight weeks of negotiations.
Alitalia management was expected to seek the opinion of the economy ministry, which holds a 49.9 percent stake in the financially-strapped airline.
The operation is seen as critical to the troubled Italian airline's survival and a key first issue for the new government to be elected next month.
The Alitalia board meeting started in mid-morning Saturday and did not wind up until the release of a press statement at 0125 GMT Sunday.
"Alitalia's board of management deliberated unanimously" and decided to "accept the offer by Air France-KLM and to conclude the said contract," the statement said.
The Franco-Dutch airline on Friday unveiled its formal bid for Alitalia, which it said would be conditional on union support, after eight weeks of negotiations.
Alitalia management was expected to seek the opinion of the economy ministry, which holds a 49.9 percent stake in the financially-strapped airline.
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