Air France Tabbed for Alitalia Takeover
Posted on: Saturday, 22 December 2007, 15:00 CST
The airline group Air France-KLM has been chosen by the Italian national carrier Alitalia as its preferred bidder in a proposed takeover move.
The BBC reported Saturday that while several airline groups had been linked to the potential takeover of Alitalia, the Italian group has chosen Air France due to possible savings it offers.
Alitalia currently is $1.7 billion in debt and losing additional money daily, leading the Italian government to look for assistance for the airline in which it holds a 49.9 percent stake.
Air France-KLM Chairman and Chief Executive Jean-Cyril Spinetta assured Italian citizens the proposed takeover would not turn Alitalia into a regional carrier.
The reputation of the Alitalia brand, a key asset for the whole group, will be developed in Italy and abroad, the pair said.
Alitalia and Europe's largest airline are expected to make additional strides in the takeover bid by late January, the BBC said.
Source: United Press International
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