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Alitalia finalizing response to Etihad

Alitalia finalizing response to Etihad

Italian airline's board to meet Friday on critical investment

Rome, 31 July 2014, 11:55

ANSA Editorial

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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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