Air France-KLM won't join Alitalia rescue, says newspaper
Help for Italian carrier could come if liquidity crisis in 201430 October, 15:26
Such an investment is not seen by the Air France-KLM group as being in its best interests, French business newspaper La Tribune said on its website, citing sources.
However, if the Italian carrier runs into another liquidity crisis next February or March, the Air France-KLM group could consider offering assistance, according to reports.
Air France-KLM now owns a 25% stake in Alitalia, but if it does not take part in the 300-million-euro capital increase, its stake in the Italian carrier will be diluted.
Earlier this month Alitalia shareholders approved an emergency 300-million-euro capital hike to pull the airline from the brink of bankruptcy.
The State-owned post office, Poste Italiane, pledged to buy up to 75 million euros in any unsubscribed shares in the capital increase. Italian banks Intesa Sanpaolo and Unicredit also said they would take a stake worth up to 100 million euros.
The capital boost is part of a government-engineered 500-million-euro rescue package, which also includes 200 million euros in loans.
The package has prompted International Airlines Group, parent company of British Airways, to urge the European Commission to intervene to suspend what it said was "flagrant State aid" - a charge the Italian government has denied.
The EC has asked for more information about the Alitalia aid package - particularly the involvement of Italy's post office.