Poste Italiane has flown into a high-level political dispute over its planned €75 millioninvestment to help save loss-making national airline Alitalia from going bankrupt as part of a €500
million deal agreed today.The airline’s shareholders today unanimously agreed a €300 million capital increase in exchangefor new shares. As part of this, Poste Italiane will invest €75 million in any unsubscribed shares,which would be equivalent to a 12% stake in the airline. A further €200 million will be contributedthrough bank loans.
But it is unclear whether Air France-KLM, with 25% of Alitalia shares, will participate in thecapital increase or not. Reuters reported today that Poste Italiane chairman Massimo Sarmi wouldfly to Paris to meet Air France-KLM officials to discuss the Alitalia situation.
Rival airlines have claimed that the investment by the state-owned Italian postal operator,which followed intensive talks with the Italian government, amounts to ‘de facto’ state aid to keepthe struggling airline in the skies. International Airlines Group (IAG), the British Airlines andIberia holding company, described the investment plan as “illegal” and called on the EuropeanCommission to block it.
The Commission told international media that it expected the Italian government to notify it ofthe planned measures but could not assess the capital increase plan yet. Poste Italiane’sinvestment would require approval from Brussels if it was seen as state aid rather than anindependent business decision.
However, Italian prime minister Enrico Letta defended the Alitalia rescue plan and said thePoste Italiane move would help “negotiations with international partners”, taken to mean AirFrance-KLM.
Last week the Italian government said state-owned Poste Italiane would be “an importantindustrial partner” for Alitalia and highlighted the potential business synergies, such as throughMistral Air, a small passenger charter airline owned by the postal operator, and in cargo as partof ‘e-commerce development plans’. Rome said there were “numerous European and internationalprecedents” of cooperation, including via shareholdings, between the postal, logistics and aviationsectors.
Poste Italiane itself has not yet commented officially on why it plans to invest inAlitalia.
