The board of struggling Italian airline Alitalia has voted to accept an offer by Etihad Airways to invest in the company, the carrier’s CEO has confirmed.
The deal will reportedly result in Etihad taking a 49% stake in Alitalia and increase the Abu Dhabi airline's presence in Europe and provide the Italian carrier with a partner and extra funding.
"Today the Etihad plan was approved, and the board delegated myself and the chairman to study and rapidly come up with a draft of the final contract," Alitalia CEO Gabriele Del Torchio said.
In a statement Alitalia said it approved its 2013 balance sheet, without giving details. It said only that it wrote down 233 million Euros in charges and devaluations for 2013 “in preparation for future strategies”.
The Italian government has previously stated it "looks favourably" at the partnership between the airlines.
Alitalia.com
Etihad.com