Alitalia board gives green light to finalize Etihad deal
Almasalla- Arab Travel Portal News – Alitalia has confirmed it is in the final stages of a deal with Etihad Airways, which is looking to acquire a stake in the Italian carrier.
Giving an update on the talks following its June 6 board meeting, Alitalia said: “The directors expressed their appreciation for Etihad’s proposal and have appointed the chairman and the chief executive officer to continue negotiations aimed at drafting a final agreement with the UAE company.”
During the meeting, Alitalia’s board reviewed a proposal letter sent by Etihad earlier this month. The letter set out the conditions and criteria for Etihad’s equity investment in Alitalia.
“Upon confirmation by the board of Alitalia and its stakeholders of their acceptance of these terms, the airlines will proceed to final documentation in order to complete the proposed transaction, in line with EU and other regulatory requirements,” Etihad said in a June 1 statement.
Etihad has remained silent on the size of the stake it plans to take in the Italian airline, but there has been speculation that it could be up to 49%.
Alitalia’s board also outlined plans to meet on June 13 to approve the airline’s 2013 results, which are scheduled for shareholder approval on June 29 and July 25.
Source : ATW
