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Abu Dhabi's Etihad Airways to take half of Italy's Alitalia
ALITALIA and Etihad Airways have agreed to the principal terms and conditions of the proposed acquisition by Etihad Airways of a 49 per cent stake in Alitalia.
The airlines said they will finalise the transactional documents as soon as possible, although they said the conclusion of the investment was subject to regulatory approvals, Lloyd's List reports.
Alitalia has debts of US$1.1 billion and is hoping the deal with Abu Dhabi's Etihad Airways will reverse its troubled fortunes, after shareholders last October bailed out the carrier to fend off bankruptcy.
Prior to privatisation in 2008, the airline also received several state bailouts. The Italian carrier said earlier this month that the proposed Etihad investment was "an excellent outcome" and would "provide financial stability."
The companies did not give any details of the amount of money Etihad would invest, although they've been in talks since December. Negotiations were reportedly held back by Alitalia's reluctance to make job cuts part of the deal.
Etihad has seen cargo growth of 30 per cent this year, propelling the state-owned carrier into the ranks of the top ten global air cargo carriers.
The airlines said they will finalise the transactional documents as soon as possible, although they said the conclusion of the investment was subject to regulatory approvals, Lloyd's List reports.
Alitalia has debts of US$1.1 billion and is hoping the deal with Abu Dhabi's Etihad Airways will reverse its troubled fortunes, after shareholders last October bailed out the carrier to fend off bankruptcy.
Prior to privatisation in 2008, the airline also received several state bailouts. The Italian carrier said earlier this month that the proposed Etihad investment was "an excellent outcome" and would "provide financial stability."
The companies did not give any details of the amount of money Etihad would invest, although they've been in talks since December. Negotiations were reportedly held back by Alitalia's reluctance to make job cuts part of the deal.
Etihad has seen cargo growth of 30 per cent this year, propelling the state-owned carrier into the ranks of the top ten global air cargo carriers.
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