nycfly75
Posts: 643
Joined: Wed Aug 24, 2005 9:38 pm

Going Once..Going Twice..Gov't Opens AZ Auction

Sun Dec 31, 2006 1:46 am

The Italian Government officially opened the bidding process for the sale of at least their stake in Alitalia. The bidder must make an offer of at least 30.1%, which then according to Italian law, the buyer can make an offer for the entire company. Some sale requirements are as follows:

-Maintaining AZ's Italian and Brand Identity
-Guaranteeing Service and Coverage Quality

Interested Buyers include:

AirOne with Banca Intesa
Meridiana (which just bought a stake in Eurofly)
Alpi Eagles
AF/KL (looking less likely now)

Bids are due by January 29th.


http://news.yahoo.com/s/afp/20061229...italytransportairline_061229130332

[Edited 2006-12-30 17:51:43]
 
Lumberton
Posts: 4176
Joined: Fri Jul 29, 2005 7:34 am

RE: Going Once..Going Twice..Gov't Opens AZ Auctio

Sun Dec 31, 2006 1:55 am

Will any new owner have a requirement to keep existing labor agreements in place? Will the new owner have authority and flexibility in restructuring the airline as it sees fit? Frankly, anyone investing in AZ is just buying trouble IMO. From the article:

Quote:
Alitalia meanwhile faces another in a series of strikes on January 19.
"When all is said and done, more will be said than done".
 
nycfly75
Posts: 643
Joined: Wed Aug 24, 2005 9:38 pm

RE: Going Once..Going Twice..Gov't Opens AZ Auction

Sun Dec 31, 2006 1:59 am

Looks like they have to guarantee jobs too:

Fair Use:
"Potential buyers for Alitalia must guarantee the airline's 18,000 jobs, national routes and the Italian identity of the Alitalia brand, the Economy Ministry said Friday."

http://biz.yahoo.com/ap/061229/italy_alitalia.html?.v=4

[Edited 2006-12-30 18:00:05]
 
User avatar
LTU932
Posts: 13156
Joined: Fri Jan 06, 2006 12:34 am

RE: Going Once..Going Twice..Gov't Opens AZ Auction

Sun Dec 31, 2006 2:21 am

How can they be forced to guarantee jobs if AZ, even if they survive beyond 2007, needs to downsize? This partial buyout is already doomed from the start if the Italian government keeps insisting on the buyer having to guarantee all existing jobs. Jobs will eventually have to be cut if AZ wants to survive.
Sometimes the only thing more dangerous than a question is an answer. - Ferengi Rule of Acquisition 208

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