After days of rumors, now it's official: Air France-KLM will not subscribe to Alitalia's capital increase. The group announced it in a note. The Franco-Dutch company is currently the largest shareholder of the former Italian flag carrier with 25%, but after the operation its share will be diluted to around 10%.
Air France-KLM has confirmed its commitment to remain a "loyal and serious partner" of Alitalia, praising its "excellent results in terms of operational performance". On the other hand, "even if the industrial part of the new plan presented yesterday by Alitalia goes in the right direction and receives our full support", they clarify from Paris, "the necessary financial restructuring measures are still lacking".
The reference is to debt accumulated by the Italian company from the entry into the field of the "brave captains" (in 2008) to today, equal to approximately one billion euros. The French-Dutch company would have subscribed to the increase in view of a subsequent purchase of the absolute majority in the capital of Alitalia, but the main condition was precisely that it did not have to take on the company's debt as well. The main creditors of Alitalia are the Italian banks, above all Intesa and Unicredit: the first is also a shareholder of the company, while the second could soon enter the capital as a result of participation in the guarantee consortium.
In conclusion, Air France-KLM, "confirming its support for Alitalia, intends to convert its convertible bonds at the end of the capital increase". This operation "will make it possible to strengthen Alitalia's own resources while maintaining close ties through the participation of Air France-KLM in Alitalia's capital".
