The Italian state has already burned another 220 million euros to fly Alitalia into extraordinary administration. Meanwhile, the plan to gather around the Fs a consortium of industrial and financial partners to take over the airline is struggling to become a reality.
By April 30, the Railways must submit an offer for the airline, which costs at least one billion. At the moment, the only partner willing to participate in the purchase would be the American Delta – which aims to defend the investment in Air France, of which it controls 8,8%, by stopping Lufthansa, which to enter Alitalia is asking Approximately 5 redundancies and the state leaving the capital – but it wouldn't put more than 100-150 million on the table. A share, even if not immediately, could be taken by the Chinese of China Eastern, Air France members and participated by Delta. The rest, directly or indirectly, will come from public money.
In particular, FS (controlled by the Treasury) could contribute 300 million, while the Government could decide to enter the capital by transforming part of the 900 million of the bridge loan guaranteed to the company into shares.
How much direct intervention by the state should amount to? On this point there is no agreement within the Executive.
The Treasury would like to minimize the disbursement to avoid EU investigations for state aid.
On the contrary, Deputy Prime Minister Luigi Di Maio - who has pledged to save Alitalia without layoffs and does not want to contradict himself in the electoral campaign - is pushing for a substantial investment.
Atlantia, of the Benetton family, owner of the Fiumicino airport, could also enter the match. The group's first response was negative, also because Atlantia has already lost around 230 million to Alitalia, however a new intervention could help to calm the climate with the government, more tense than ever after the Morandi Bridge tragedy.
As for the market position, today Alitalia is the fifth company in the country on international routes, with 8,1% of the market, behind Ryanair (22%), Easyjet (12,6%), Iag (9,5%) and Lufthansa (8,7%).
