AIR FRANCE KLM Plan for Alitalia : Recovery and Relaunch
Monday 17 December 2007
Air France-KLM confirms its determination to support Alitalia in its recovery and to relaunch it as a strong national flag carrier with world coverage. The enlarged Group will then be able to rely on three strong, complementary brands providing customers with an unparalleled network.
Air France-KLM confirms that the Group has made a non binding offer:
- to acquire 100% of the shares of Alitalia through an exchange offer
- to acquire 100% of Alitalia convertible bonds and
- to immediately inject at least 750 million euros into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France-KLM.
A large part of this investment will be used to support a huge relaunch program with cabin reconfiguration at the top of in flight products (seats, interior design, entertainment,…) and ground services to restore Alitalia’s international image as a major airline and to convey the Italian flag and values all over the world.
As the world’s leading airline group, with a strong commercial position in most regions, Air France-KLM will support Alitalia in restoring and recovering its natural position and market share.
In addition, Alitalia's fleet renewal is Air France-KLM's top priority and the Group has assessed that it will proceed with the full renewal of the MD80 short/medium-haul fleet and the B767 long-haul fleet. After the recovery phase, further investments will ensure the growth of the fleet, and enable Alitalia to expand its network from a healthy position.
Air France-KLM's Recovery and Relaunch Plan will not add any more redundancies to Alitalia's current plan.
http://corporate.airfrance.com/index.php?id=communiques_detail&tx_ttnews[tt_news]=1714&L=1&no_cache=1
Monday 17 December 2007
Air France-KLM confirms its determination to support Alitalia in its recovery and to relaunch it as a strong national flag carrier with world coverage. The enlarged Group will then be able to rely on three strong, complementary brands providing customers with an unparalleled network.
Air France-KLM confirms that the Group has made a non binding offer:
- to acquire 100% of the shares of Alitalia through an exchange offer
- to acquire 100% of Alitalia convertible bonds and
- to immediately inject at least 750 million euros into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France-KLM.
A large part of this investment will be used to support a huge relaunch program with cabin reconfiguration at the top of in flight products (seats, interior design, entertainment,…) and ground services to restore Alitalia’s international image as a major airline and to convey the Italian flag and values all over the world.
As the world’s leading airline group, with a strong commercial position in most regions, Air France-KLM will support Alitalia in restoring and recovering its natural position and market share.
In addition, Alitalia's fleet renewal is Air France-KLM's top priority and the Group has assessed that it will proceed with the full renewal of the MD80 short/medium-haul fleet and the B767 long-haul fleet. After the recovery phase, further investments will ensure the growth of the fleet, and enable Alitalia to expand its network from a healthy position.
Air France-KLM's Recovery and Relaunch Plan will not add any more redundancies to Alitalia's current plan.
http://corporate.airfrance.com/index.php?id=communiques_detail&tx_ttnews[tt_news]=1714&L=1&no_cache=1