The directors of Alitalia have again postponed a decision on which of the two bidders for the loss-making carrier it should negotiate with.
The board will now meet tomorrow (December 21) to decide whether to hold talks with Air France KLM or AP Holding, which controls the Italian low cost carrier Air One.
Both have made non-binding offers for the 49.9% stake in the carrier which the Italian government wishes to sell.
A statement by the airline said its board had "concluded its appraisal" of the two offers.
It was now "awaiting the definitive recommendations of the advisors (these are Citigroup), also in the light of further information and integrations received from the bidders."
Air France KLM said its plan was to acquire 100% of Alitalia through an exchange offer.
It said it would inject at least 750m immediately into Alitalia.
A large part of this investment, AF KLM said, would be for a "huge re-launch programme…to restore Alitalia's international image as a major airline."
AP Holding said it had offered 0.01 per share for the carrier.
It said it planned a total investment of 5.3bn by 2012 and said it would make Alitalia the fourth largest European network operator.
The two bids have split opinion on whether to accept a foreign bid or try and keep Alitalia in Italian hands.
Three Italian transport trades unions have criticised the AF KLM bid, demanded talks and threatened strike action.
Alitalia's chairman Maurizio Prato had indicated support for AF KLM as has the prime minister Romano Prodi.
But others in his centre left government seem to favour the Air One offer.
The issue is likely to be discussed today (December 20) when Mr Prodi is due to meet the French president Nicolas Sarkozy.
The Italian cabinet also has a meeting scheduled for Friday (December 21).
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