Crunch time is coming in
negotiations to finalize a 560-million-euro deal that would see
Abu Dhabi-based Etihad Airways buy a 49% stake in struggling
Italian carrier Alitalia, Transport Minister Maurizio Lupi
warned Tuesday.
His comments came as a critical agreement 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, sources said
Tuesday.
"We have now reached the decisive hours: Etihad has raised
very clear issues to which the board of directors of Alitalia
has made a clear response," said Lupi.
"Now, it is necessary to translate those answers into very
concrete facts," he said.
A crucial measure came with the deal involving Poste
Italiane, 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
Alitalia without guarantees that it would not be on the hook for
the airline's enormous debts, estimated by some at more than 800
million euros.
Sources said a solution was developed that will involve a
kind of middle company that Poste Italiane said allows it to
make an investment "that is consistent with, and meets the
industrial logic of, Poste Italiane as a public company".
Alitalia shareholders agreed last Friday to raise some 250
million euros among themselves in order to keep the carrier
flying until the Etihad deal is finalized.
State-owned Etihad is poised to finalize the deal but has
demanded certain conditions involving reorganization of
Alitalia's debt as well as significant labour cuts.
In a note Tuesday, Etihad said that work was progressing on
"outstanding issues related to a possible investment in
Alitalia".
Etihad has been pressing for a deal by the end of the month
but unions representing Alitalia employees remain divided over
the labour cuts, which include both reductions in wages and
other costs, as well as outright job cuts.
Lupi has warned unions to accept the conditions in order to
keep Alitalia alive.
"The alternative is very clear and everyone should know
that," said Lupi.
"There are no other options...everyone must shoulder their
part of responsibility," Lupi concluded.
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