Buyers drop plans to acquire Alitalia: reports

ROME: The Italian air company (CAI) has decided not to submit a definitive offer for bankruptcy-threatened carrier Alitalia in the face of union opposition, news agencies reported Friday.

The CAI board had been facing a deadline of midnight local time (2300 GMT) to present a firm bid for the Italian carrier.

But the board had decided not to do so following the expiry of its preliminary offer, the Ansa and Radicor agencies reported, citing sources close to CAI, which is an alliance of Italian business leaders.

CAI had made its offer conditional on an accord with unions on labor contracts and personnel selection criteria that would apply to a new company.

Unions representing pilots and cabin crew at Alitalia have refused to sign a preliminary document covering the two conditions that had been drafted by the government.