Poste Italiane has formally approved a €75 million investment in heavily loss-making nationalairline Alitalia to help it survive the coming months after Air France/KLM decided against
participating in a €300 million capital increase and ahead of a possible Etihad Airways’acquisition of a 49% stake in the Italian airline.The Italian postal operator’s board agreed to contribute €75 million to the Alitalia rescueplan, which will reportedly see it gain a 25% stake in the airline. The remainder of the capitalincrease was provided by two Italian banks and other existing shareholders. Air France-KLM’s 25%stake in Alitalia will drop to about 10% as a result of its decision not to invest any more in theItalian carrier, which has large debts.
The Poste Italiane investment was criticised when first announced in October with competitorsclaiming it amounted to state aid for the airline. However, the Italian government described it asa strategic investment and highlighted possible cooperation between the postal operator and theairline in future.
Meanwhile, fast-growing Abu Dhabi-based airline Etihad Airways is in intensive talks withItalian officials over a €350 million investment in Alitalia that would give it a 49% stake. Etihadis expanding rapidly in Europe through financial investments, such as in Germany’s Air Berlin, andcommercial partnerships.
