The long awaited deal that will
see Abu Dhabi-based Eithad Airways buy a 49% stake in struggling
Alitalia on Friday took some major steps forward, which Italy's
transport minister said should lead to a deal signed in early
August.
Maurizio Lupi spoke after he read what he called a
"positive response" from State-owned Etihad to Alitalia's views
on how the money-losing Italian flag-carrier intends to meet
conditions set by Etihad to trigger its 560-million euro
investment.
Still, sources cautioned that there was work ahead between
the two sides, which have been negotiating since late last year
to reach a deal that observers say is essential to Alitalia's
survival.
But Lupi and Alitalia CEO Gabriele Del Torchio both sounded
optimistic.
"It (the response) has arrived and it's positive," said Del
Torchio.
"I'm happy. Now we have to clear up some issues," to
complete the deal.
Added Lupi: "There are still some details to agree on. But
a date has been set for the signing - August 8," he said.
"Over the next week, we'll work to fix the last details".
Another hurdle was overcome Friday when Alitalia's board
agreed to formally recommend shareholders approve a
300-million-euro capital increase to keep the airline alive
until the Etihad deal is finalized.
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 Etihad
deal.
Poste Italiane, which is one of Alitalia's biggest
stakeholders since it acquired over 19% of the airline's shares
as part of a government-orchestrated bailout last year, on
Thursday decided to up that investment to 70 million euros.
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 an
entity dubbed a "mid-co" operating at one remove from
money-losing Alitalia.
Poste Italiane has said this allows it to make an
investment "that is consistent with and meets the industrial
logic of Poste Italiane as a public company".
A remaining stumbling block relates to labour conditions,
as Etihad has demanded that Alitalia cut its labour costs by
eliminating jobs and amending wage packages.
Unions representing Alitalia employees remain divided over
the labour cuts, with one union calling for a re-negotiation of
the labour 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.
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.
Regulatory hurdles may also lie ahead.
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