Officials with Alitalia were
working Thursday on their final response to Etihad Airway's
offer to buy a 49% stake in the struggling Italian carrier, in
time to meet a July 31 deadline, sources said.
The airline's board of directors also called a meeting for
Friday to discuss the state of play, including a likely increase
to 300 million euros in capital necessary for keep Alitalia
alive until the Etihad deal is finalized, added sources.
One day earlier, the Italian government said a "fruitful"
meeting between officials and Alitalia in the premier's office
should lead to a "positive outcome" in the deal.
The Abu Dhabi-based Etihad wants to invest about 560
million euros in return for a 49% stake in Alitalia and has said
it wants matters finalized by July 31.
Negotiations received a critical boost earlier this week
when a deal was reached with stakeholder banks that will see
Italy's State postal company Poste Italiane invest 65 million
euros in Alitalia, a major step towards completing the
life-saving Etihad deal.
Poste Italiane is currently one of Alitalia's biggest
stakeholders after it acquired over 19% of the airline as part
of a government-orchestrated bailout last year.
It had previously balked at any further investments in the
money-losing airline without guarantees that it would not be on
the hook for Alitalia's enormous debts, estimated by some at
more than 800 million euros.
Sources said a solution was developed that will involve a
sort of middle company that Poste Italiane has said allows it to
make an investment "that is consistent with and meets the
industrial logic of Poste Italiane as a public company".
As well on Wednesday, sources said Alitalia shareholders
were likely to agree to increase the amount of money they were
raising - to 300 million euros from the previous 250 million -
to keep the carrier flying until the Etihad deal is finalized.
A stumbling block still remains concerning labour
conditions, as Etihad has demanded that Alitalia cuts its labour
costs by eliminating jobs and amending wage packages.
Unions representing Alitalia employees remain divided over
the labour cuts, with at least one union calling for a
renegotiation of the conditions demanded by Etihad.
Alitalia has said that all its unions must support the
Etihad deal before it can be finalized.
"The cohesion and sharing of decisions by all the unions is
essential to the successful completion of arrangements with
Etihad," Alitalia said.
Transport Minister Maurizio Lupi has warned unions to
accept the conditions in order to keep Alitalia alive.
"The alternative is very clear and everyone should know
that," Lupi said last week.
"There are no other options. To go backwards and forwards
is not allowed, everyone must shoulder their part of
responsibility," Lupi has said.
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