Italy govt to tackle Alitalia crisis
One of the prospective investors trying to form a company to salvage Alitalia said on Wednesday he had confidence in the plan, and Italy's economy minister said the government will try to resolve the flagship airline's crisis in a way that will pr...
By Agencies |
ROME: One of the prospective investors trying to form a company to salvage Alitalia said on Wednesday he had confidence in the plan, and Italy's economy minister said the government will try to resolve the flagship airline's crisis in a way that will protect small shareholders.
The plan to save Alitalia is ``absolutely credible, the investment is good,'' Fausto Marchionni, head of Italian insurance company Fondiaria Sai, said during a conference call to present results from his own company.
The Italian news agency ANSA, further reporting Marchionni's remarks, said he confirmed news reports that the insurance company would invest some euro30 million to euro50 million ($45 million to 75 million) if the plan become concrete.
Some 16 investors have come together to create a company to take over Alitalia's profitable assets and inject euro1 billion ($1.5 billion) into the airline.
The group is led by Roberto Colaninno, the chairman of motorcycle maker Piaggio, as well as Carlo Toto, the head of airline Air One, Alitalia's chief competitor for the Italian domestic market.
``We're in excellent company,'' Marchionni was quoted as saying in the conference call.
The Italian government is Alitalia's biggest single shareholder, with a 49.9-percent stake that it wants to sell.
Economy Minister Giulio Tremonti said Premier Silvio Berlusconi's Cabinet would take up the Alitalia crisis on Thursday at the government's first meeting after the summer break.
The plan to save Alitalia is ``absolutely credible, the investment is good,'' Fausto Marchionni, head of Italian insurance company Fondiaria Sai, said during a conference call to present results from his own company.
The Italian news agency ANSA, further reporting Marchionni's remarks, said he confirmed news reports that the insurance company would invest some euro30 million to euro50 million ($45 million to 75 million) if the plan become concrete.
Some 16 investors have come together to create a company to take over Alitalia's profitable assets and inject euro1 billion ($1.5 billion) into the airline.
The group is led by Roberto Colaninno, the chairman of motorcycle maker Piaggio, as well as Carlo Toto, the head of airline Air One, Alitalia's chief competitor for the Italian domestic market.
``We're in excellent company,'' Marchionni was quoted as saying in the conference call.
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The Italian government is Alitalia's biggest single shareholder, with a 49.9-percent stake that it wants to sell.
Economy Minister Giulio Tremonti said Premier Silvio Berlusconi's Cabinet would take up the Alitalia crisis on Thursday at the government's first meeting after the summer break.
``Tomorrow we'll resolve Alitalia,'' Tremonti told Italian state TV. He said any salvage plan would look after the interests of small shareholders. ``Small savers can stay calm,'' he said, without giving details of the government's strategy.
Bank managers advising the government on the sale of Alitalia went to Paris Wednesday to discuss the recovery plan with Air France-KLM, Italian news reports said.
Air France-KLM's bid for Alitalia earlier this year failed to seal a deal, after union officials balked at terms and Berlusconi insisted that his government would help put together an ``Italian'' savior.
The bank, Intesa Sanpaolo, and Air France-KLM declined to comment on the reports, and it wasn't clear if the Franco-Dutch group had indeed met with the Italian investors.
Italy's transport minister, Altero Matteoli, told reporters Wednesday that there could be a ``17th partner'' and that it could be ``an airline like Lufthansa or Air France.''
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Alitalia has been losing euro200 million (US$292 million) a day. News reports say the government is looking to break Alitalia in two, with the new company injecting money in the profitable part and absorbing part of Air One, while Alitalia's bad assets will be covered by bankruptcy protection. Alitalia is scheduled to hold a board of directors meeting Friday.
Meanwhile, the airline said in a statement that from Aug. 1 through Aug. 24, the number of passengers using Alitalia at Rome's Leonardo da Vinci airport rose by 35.6 percent from the same period in 2007.
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