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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Italian investor group formally takes over Alitalia AFP - Saturday, December 13 ROME (AFP) - - The investor group Italian Air Company (CAI) formally took over ailing national flagship Alitalia on Friday in a long-awaited billion-euro deal. "Today the sale of (Alitalia's) assets to CAI was signed by Alitalia's special administrator Augusto Fantozzi. From today onward, CAI is the owner of Alitalia," CAI chairman Roberto Colaninno told a news conference. CAI, made up of a consortium of Italian industry figures, has agreed to pay 1.052 billion euros (1.4 billion dollars) for Alitalia's passenger operations, which it is merging with Air One, Italy's number two airline. It is to retain 12,500 Alitalia workers while cutting some 3,250 jobs. The new Alitalia will cede a stake of between 20 and 25 percent to a foreign partner -- either Air France-KLM or Lufthansa of Germany -- to be selected by the end of the year, Colaninno said. CEO Rocco Sabelli told the news conference that the company had also received a proposal for a commercial tie-up with British Airways. Sabelli, who will be the operational chief of the new Alitalia, said CAI was more interested in a "major commitment" involving a foreign stakeholder. "We will select the best proposal, while also keeping in mind the timeline which should not be too long," he said. The choice will be submitted for approval to CAI's 21 Italian stakeholders. Italian media have suggested Air France-KLM is the frontrunner, but Lufthansa enjoys support from Prime Minister Silvio Berlusconi and his political allies in the Northern League. Before winning general elections in April, Berlusconi notably opposed an offer for the Italian government's 49.9 percent stake from Air France, saying he wanted the airline to stay in Italian hands. Berlusconi, a self-made billionaire who himself hails from Milan, won in coalition with the regional Northern League party, which is lobbying for Alitalia to partner Lufthansa. Sabelli said the relaunched airline would operate 670 flights a day next year with a fleet worth some 3.3 billion euros. Under CAI's five-year business plan, the airline would return to profitability in 2010. The plan forecasts 520 million euros of investments outside of aircraft, a fleet worth 4.2 billion euros by 2013 and a turnover of 4.8 billion euros by that year. The old Alitalia had a total debt of around 3.2 billion euros, Fantozzi said in November. "Ideally, the new Alitalia will begin on January 12 or 13," Sabelli said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo The head of the investor group Italian Air Company (CAI) Roberto Colaninno gestures during a press conference to announce the official takeover of the ailing national flagship Alitalia in Roma. The investor group CAI formally took over ailing national flagship Alitalia on Friday in a long-awaited billion-euro deal. Most Popular – Top Stories Viewed White House mulls urgent new steps on autos US Senate fails to reach deal on auto bailout Autism, other disorders linked to post-natal factors: study Muslim pilgrims stone Satan at the hajj Sarcasm finds medical use in dementia detection View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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