Alitalia shareholders back emergency capital increase
Board ready to quit after 300-million-euro operation complete15 October, 10:48
The capital increase is part of a government-led 500-million-euro rescue package, which also includes 200 million euros in loans, approved by the board on Friday, when the carrier was in danger of defaulting on its big debts within days.
The state-owned post office, Poste Italiane, will buy up to 75 million euros' worth of any unsubscribed shares in the capital increase. Italian banks Intesa Sanpaolo and Unicredit will guarantee to take up to 100 million euros' worth.
The airline's biggest shareholder, France-KLM, backed the capital increased but it is not yet certain whether it will take part in it. The French-Dutch airline owns a 25% stake.
Shareholders have a month to decide if they will participate in the capital increase. A company statement said Alitalia's directors were willing to quit the board after the capital increase, given the likely to change to the company's ownership set-up.
The parent company of British Airways and Spanish carrier Iberia, the International Airlines Group, on Tuesday called on European Commission to intervene, saying the rescue package amounted to State aid for Alitalia and broke EU law.