Air France-KLM to buy stake in Alitalia
Air France-KLM is planning to buy a 25% stake in Alitalia for €323m, subject to regulatory approval by Eurpean competition authorities.
Alitalia was finally re-born today after a €1.052 billion deal was struck with the Compagnia Aerea Italiana consortium.
Under the deal, the airline’s assets merged with those of rival Italian airline, Air One.
Air France-KLM chairman Jean-Cyril Spinetta said: “In view of the numerous challenges facing our sector, co-operation between airlines is becoming increasingly necessary, and this partnership represents an important milestone.
“We are happy with this reinforced partnership with Alitalia, which represents a compelling development opportunity for both our companies, and is in the interest of our shareholders, our customers and our employees.”
By years two or three, Air France-KLM expects to save around €90 million a year in synergies while Alitalia expects to generate synergies of around €280 million.
These will be achieved by optimising their networks and revenue management, extending the existing joint venture between Air France and Alitalia, and implementing a joint venture between Alitalia and KLM.
Alongside Air France-KLM, Alitalia’s other main shareholders include the Riva Group, IMSSI, Banca Intesa and the Benetton group.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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