Italy Treasury to Cut Alitalia Stake to Under 30 Percent in 2006, Company Says
Posted on: Friday, 25 November 2005, 09:00 CST
Italy treasury to cut Alitalia stake to under 30 percent in 2006, company says
ROME, Nov. 24 (Xinhua) -- The Italian government may reduce its stake in Alitalia SpA below 30 percent next year, the country's airline Alitalia's Chief Executive Giancarlo Cimoli said in comments published on Thursday.
In an interview with local financial daily Il Sole-24 Ore, Cimoli said the reduction would be "the next step" following the troubled airline's bid to raise about one billion euro (about 1.2 billion US dollars) in a capital increase to stave off the company's bankruptcy.
Alitalia confirmed Cimoli's comments. Italian Economy Ministry also said it could reduce its stake, but no timetable had been decided on.
The re-capitalization aims to cut the Italian Treasury's stake in the airline from 62 percent to below 50 percent in line with European Union requirements.
"We needed to do this desperate and courageous operation," the newspaper quoted Cimoli as saying.
"Alitalia's capital increase has aroused the interest of analysts and funds, especially in London and the United States," he said.
Source: Xinhua News Agency - CEIS
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