Airline to finalise details of agreement with Italian consortium
A deal to rescue ailing carrier Alitalia is one step closer to reality following reports that Air France-KLM and Italian airline consortium CAI are to finalise details of a partnership agreement today (December 10).
AF-KLM will buy a stake in Alitalia of just over 20% for €250m as part of the agreement, reported Reuters.
According to the report, CAI Chief Executive Rocco Sabelli and Air France-KLM Chief Executive Jean-Cyril Spinetta were due to meet in Milan today.
CAI, a consortium of 16 business groups, approved the raising of €1.1bn to buy the near bankrupt Alitalia, including the Italian government's 49.9% stake.
The consortium intends to keep a controlling stake in Alitalia thereby keeping the airline predominantly in Italian hands.
CAI has been in discussions with Air France-KLM and Lufthansa in the search for an industrial partner.
Should the deal go through, Alitalia could be merged with rival airline Air One to create a smaller, more streamlined carrier.