Etihad rescues ailing Alitalia
Abu Dhabi-based Etihad today confirmed that it had taken a 49% stake in Alitalia following months of negotiations.
Although the size of the deal was not revealed, it is believed to be the biggest investment for the Middle Eastern carrier.
The Italian government revealed earlier this month that Etihad was looking to invest €560 million in Alitalia, with a further €690m over the next four years.
The deal could save the near-bankrupt Italian national carrier, but it is expected to lead to widespread job losses. Etihad is expected to shrink the workforce by 2,250 to around 11,500.
The airlines said they will now move to finalise the transactional documents, that will include the agreed upon conditions, as soon as possible.
The investment is subject to final regulatory approvals.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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