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Air France-KLM bid for Alitalia accepted
Debt-stricken Alitalia has agreed a takeover by Air France-KLM valuing the Italian state carrier at just over £100 million.
The airline, which has lost more than three billion euros since 2000, had warned it could be forced to stop trading by the summer.
Air France has a three year recovery plan for Alitalia, aiming to return the airline to profit by next year.
Air France-KLM have agreed to pay 139 million euros for Alitalia and is expected to look for more than 1,500 job cuts as part of the restructuring plan. Air Fance-KLM propose underwriting a capital increase of one billion euros to fund the commercial relaunch of Alitalia.
The deal for Alitalia is hoped to be completed by the end of the first half of this year.
It calls for a network organised around the Rome-Fiumicino hub with selected long haul destinations also served from Milan.
by Phil Davies
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