AF KLM keeps eye on Alitalia, Austrian
Wednesday November 26, 2008
Air France KLM remains interested in acquiring 20%-25% in the new Alitalia as well as the Austrian government's 41.6% stake in Austrian Airlines Group, Chairman and CEO Jean-Cyril Spinetta confirmed.
"We would be willing to invest about €200 million ($253.8 million) [in Alitalia] through a capital increase," he told ATWOnline last week. The Compagnia Aerea Italia investor group, which was cleared by the Italian government to take over AZ for €1.05 billion, has not announced its choice of international partner. The new airline, which will incorporate Air One, reportedly may be ready to commence operations as early as Dec. 1.
"Everything is still very imprecise," Spinetta said, noting that "negotiations have not yet started. . .But yes, I meet regularly with CAI and [head] Roberto Colaninno and I'm sure they do meet with others too." Both Lufthansa and British Airways have expressed their interest.
Alitalia said it is reducing domestic and short-haul international flying beginning today, citing ongoing labor unrest as well as administrative issues related to the transfer to CAI. Employees must be placed on unemployment before being rehired by CAI. AZ said its intercontinental flight schedule will be "nearly unchanged." It did not specify how many flights will be cancelled. The AZ unions that have not accepted either new work conditions offered by CAI or redundancy payments agreed to postpone a strike planned for yesterday to Dec. 12.
Meanwhile, Spinetta also conceded he was "a bit surprised" by reports that Lufthansa asked the Austrian government to assume €500 million of AAG's debt as part of its takeover proposal. Last week, state holding company OIAG stated it will negotiate exclusively with LH.
"Legal conditions were apparently changed," Spinetta said. "I informed the Austrian government that if a new bid would be launched, we would consider participating." He told this website that a legal challenge would be "an option" if Austria assumes the debt. OIAG defended its position, saying that AF KLM never made a formal offer as LH did, sending only two letters regarding its interest in the stake, Financial Times Deutschland reported.
by Cathy Buyck
ATWOnline
Wednesday November 26, 2008
Air France KLM remains interested in acquiring 20%-25% in the new Alitalia as well as the Austrian government's 41.6% stake in Austrian Airlines Group, Chairman and CEO Jean-Cyril Spinetta confirmed.
"We would be willing to invest about €200 million ($253.8 million) [in Alitalia] through a capital increase," he told ATWOnline last week. The Compagnia Aerea Italia investor group, which was cleared by the Italian government to take over AZ for €1.05 billion, has not announced its choice of international partner. The new airline, which will incorporate Air One, reportedly may be ready to commence operations as early as Dec. 1.
"Everything is still very imprecise," Spinetta said, noting that "negotiations have not yet started. . .But yes, I meet regularly with CAI and [head] Roberto Colaninno and I'm sure they do meet with others too." Both Lufthansa and British Airways have expressed their interest.
Alitalia said it is reducing domestic and short-haul international flying beginning today, citing ongoing labor unrest as well as administrative issues related to the transfer to CAI. Employees must be placed on unemployment before being rehired by CAI. AZ said its intercontinental flight schedule will be "nearly unchanged." It did not specify how many flights will be cancelled. The AZ unions that have not accepted either new work conditions offered by CAI or redundancy payments agreed to postpone a strike planned for yesterday to Dec. 12.
Meanwhile, Spinetta also conceded he was "a bit surprised" by reports that Lufthansa asked the Austrian government to assume €500 million of AAG's debt as part of its takeover proposal. Last week, state holding company OIAG stated it will negotiate exclusively with LH.
"Legal conditions were apparently changed," Spinetta said. "I informed the Austrian government that if a new bid would be launched, we would consider participating." He told this website that a legal challenge would be "an option" if Austria assumes the debt. OIAG defended its position, saying that AF KLM never made a formal offer as LH did, sending only two letters regarding its interest in the stake, Financial Times Deutschland reported.
by Cathy Buyck
ATWOnline
