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Italian government publishes Alitalia privatization details

Italian government publishes Alitalia privatization details

Potential buyers for Alitalia must guarantee the airline's 18,000 jobs, national routes and the Italian identity of the Alitalia brand, the Economy Ministry said Friday in tender details for the sale of its stake in the struggling flag-carrier.
The ministry, in a document published on its Web site, said expressions of interest for Alitalia must be presented by Jan. 29. Buyers must have a social capital of a minimum of euro100 million (US$131.73 million).
The government is seeking an investor or group of investors to buy at least a 30.1 percent stake in the airline as it sells down its 49.9 percent share. It has not been determined exactly how great a stake the government will retain.
Alitalia shares were up 2.8 percent at euro1.01 (US$1.33) in early morning trading at the Milan stock exchange.
The Italian government reiterated it would pick the winning bid based on its economic offer and the ability of its industrial plan to "develop and relaunch" the ailing airline.
Alitalia has reported widening losses mainly blamed on higher fuel costs, competition from low-cost carriers and the impact of a series of strikes. CEO Giancarlo Cimoli said last month that integrating Alitalia into a big international group is its only hope for survival.
Unions oppose Alitalia's privatization and planned another 24-hour strike for Jan. 19.


Updated : 2021-05-18 11:09 GMT+08:00