Wed, Jan 17, 2007
Suggests French Carrier May Be Considering Bid For Failing
Italian Airline
Air France-KLM's CEO
Jean-Cyril Spinetta has resigned his position on Alitalia SpA's
board, and generated speculation the French carrier may submit
a bid for a controlling stake in Italy's failing national
airline.
In an emailed statement to Bloomberg, Air France-KLM said
"since the Italian government has called for bids to acquire stakes
in Alitalia and as Air France-KLM is a partner of Alitalia,"
Spinetta can't be a member of Alitalia's board.
Italy's government is seeking bids to purchase its share in
Alitalia after years of trying unsuccessfully to turn the carrier
around. Last month officials said the government would sell at
least 30.1 percent -- a controlling stake under that country's laws
-- and set a January 29 deadline for bid submissions.
Alitalia CEO Giancarlo Cimoli and government representative
Giovanni Sabatini remain as directors of the airline's board. The
carrier's charter requires at least three members on the board to
function.
Air France already owns approximately two percent of Alitalia
and the pair have been in talks to increase cooperation since
November -- they already share codes.
According to Bloomberg, Air France is lobbying the Italian
treasury -- holder of 49.9 percent of Alitalia -- to change the
sale conditions. Industry observers say the French airline won't
make an offer unless the treasury changes them.
Among those esoteric conditions: the protection of Alitalia's
"national identity," and the "quality and quantity" of domestic
service.
Alitalia pushed hard to be a
part of the 2004 Air France-KLM merger engineered by Spinetta, but
it was excluded because of continuing red on its financial reports
and troubling labor issues. The airline hasn't shown a profit since
2002.
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