The extraordinary general meeting of Alitalia approves a series of statutory amendments following the capital increase approved in recent weeks.
The most relevant is that relating to article 11, which sets the reference threshold for the obligation to make a takeover bid at 50%, establishing that for the calculation "the shares purchased or held by shareholders acting jointly with each other are also taken into account They".
What changes. Once the 50% bar has been passed, the old regulation would trigger the obligation to purchase the shares held by the other shareholders, who have the right but not the obligation to sell them. The articles of association, without the amendment approved today, would therefore also have prevented the establishment of significant shareholders' agreements between Alitalia's shareholders, for example between the Emirates company and the banks (Intesa Sanpaolo and UniCredit) or between the carrier and the Post Office (entered in the capital of Alitalia with an injection of 75 million euros).
With today's go-ahead, there will therefore be no obstacles to possible alliances within the capital and Etihad will be able to move with ample room for manoeuvre. It being understood that the UAE will not be able to exceed 49% of the capital as a non-EU carrier. If this were to happen, in fact, the Italian company would lose traffic rights as an EU carrier.
