Comparing itself to the French government which holds a 14.3% stake in Air France, the Italian Deputy Prime Minister, Luigi Di Maio has indicated the Italian government may take as much as a 15% stake in a relaunched Alitalia. The flag-carrying airline was put under special administration and ceased operations last year after it’s major shareholder, Etihad Airlines, withdrew the offer of a €2 billion (US$2.32 billion) financing package subsequent to unions rejecting an aggressive restructuring proposal which included the loss of approximately 2,000 jobs.
According to details given by Di Maio in an interview with Italy’s daily financial newspaper Il Sole 24 Ore, the new carrier will begin with market capital of between €1.5 and €2.0 billion (US$1.74 and US$2.32 billion) and that the carrier will have to “purify itself of everything that has not worked until now.”
Confirming that Ferrovie Dello Stata (the Italian railway) and one or more international investors will be involved, Di Maio refused to confirm or deny that either China Eastern or Delta Air Lines were also interested in taking a substantial stake in the new Alitalia. Initially it had been hoped that formalities regarding new owners would have been concluded by April of this year, but the Italian government chose to postpone matters owing to March’s general election and the change in government.
While Cassa Depositi e Prestiti, the Italian state lender, has indicated it could help with the funding of a new fleet of aeroplanes, Di Maio also indicated that if state-controlled companies like oil major Eni, the Post Office, and defence company Leonardo wanted to get involved, “it would be interesting,” also forecasting that a binding offer or serious expression of interest would likely arrive by the end of the month.
