Regions

Air France-KLM Group board reviewing bid for Alitalia

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September 19
4:23 PM 2013

The board of directors of Air France-KLM Group would meet on Sept.23 to determine whether a bid for majority ownership over Alitalia SpA would be made. This decision had to be done rather hastily as the lock-up period for transactions to be considered by the Italian air carrier would come to an end. This was confirmed by a person familiar with the plan.

The French-Dutch consortium already owns 25% of Alitalia purchased for EUR323 million or USD438 million in 2009 decided to increase its shareholdings by the year's end. The Italian aircarrier's board had waived its right to veto investments since October 28, 2012 would be meeting on Sept 26 to review plans in raising cash and may result in a capital increase with Air France leading the way. This was confirmed by a second person familiar with the transaction but requested anonymity.

Air France-KLM spokesperson Cedric Leurquin declined to provide a comment on Alitalia. On the other hand, a spokesperson for Alitalia also declined to make a comment on the matter.

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