The negotiation between Alitalia and Etihad is heading towards closure. By the day after tomorrow, in fact, the former flag carrier will send the UAE company the letter with the definitive outline of the new joint venture company in which Etihad will hold a stake of between 40% and 49%.
Important signals also come from the Government, which has brought together the table on the Alitalia case. “The Government, shareholders and creditor banks – reads the note released by Palazzo Chigi – have agreed that the negotiations with Etihad will have to continue and lead to a positive outcome. It is in fact a great opportunity for the development of an important Italian brand and for the country system". In essence, the government "has invited Alitalia's management to continue the negotiations on the basis of the positive indications expressed today by shareholders and banks".
The credit institutions, thanks to the moral suasion of the Government, have therefore decided to open up to Etihad and, above all, to take on about half of the debt. The letter to be sent to Abu Dhabi in response to the Arab company's requests will be prepared during the week.
Yesterday, Graziano Del Rio, undersecretary to the Prime Minister, had convened a meeting in which the Arab offer was taken into consideration and it was decided to close the agreement as soon as possible. To meet Etihad, Alitalia has finalized the proposal for a newco, in which to bring in the Arab partner for a 49% stake: an investment of up to 560 million euros.
Maurizio Lupi, Minister of Transport, reiterates how Italy is an industrial country with a tourist vocation where air transport is essential and must not be dispersed or given away to anyone.
The reference, in the event that the Etihad hypothesis goes up in smoke, is to a return to the scene of Air France-KLM, which would take advantage of the situation to take Alitalia at a discounted price.
Among the requests, Etihad wanted a decrease in staff. For his part, the government plans to use the national transport fund to finance layoffs for 1500-2500 employees.
During the week, government sources say, "there will be new important contacts between the two companies".
