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March 4, 2008 |
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ALITALIA SPA: Air France-KLM to Offer for Part of AZ Servizi Air France-KLM S.A. plans to present a binding offer for Alitalia S.p.A.'s AZ Fly unit and a fraction of AZ Servizi, Thomson Financial reports, citing FILT-CGIL union secretary general Fabrizio Solari. Mr. Solaris told Thomson Financial thats Air France is only interested in AZ Servizi's maintenance and part of its handling operations. AZ Fly and AZ Servizi handles Alitalia's flight and ground operations respectively. The union official added Air France will seek approval of its offer from Alitalia's board before presenting it to the finance ministry, Thomson Financial adds. As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and Italy have commenced exclusive sale talks with Air France-KLM. The carriers have until mid-March to reach an agreement, which would be approved by the government. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/ -- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. |
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