State-owned Poste Italiane mail
service on Thursday approved an investment of 70 million euros
in an Alitalia middle company to be set up to facilitate its
merger with Etihad Airways while leaving Poste off the hook for
Alitalia's debt, the Poste board said in a note.
This is a major step forward in the life-saving deal with
Abu Dhabi-based Etihad, which wants to invest about 560 million
euros in return for a 49% stake in Alitalia.
As well, Alitalia officials sent their final response on
Etihad's offer on the struggling Italian carrier, in time to
meet a July 31 deadline.
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, sources added.
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
setting up a 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 Thursday, 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.
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