Etihad Airways (EY, Abu Dhabi International) could invest as much as EUR600million (USD817.3million) in Alitalia (AZA, Rome Fiumicino) in return for a 49% stake Italian Minister of Transport, Maurizio Lupi, has revealed. Commenting on Etihad's letter to the Italian carrier's board detailing the conditions and criteria for a proposed equity investment, Lupi described the offer as "positive" and "slightly above expectations".
"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," Alitalia and Etihad said in a joint statement.
Lupi also disclosed that Etihad's investment would also include plans to relaunch Italian airports such as Rome Fiumicino and Milan Malpensa.
In line with Prime Minister Matteo Renzi's policy of hiving-off state assets in a bid to raise much needed cash for the treasury, Lupi told Italy's Il Sole 24 Ore that a 49% stake in F2i Fondi Italiani per le infrastrutture SGR, the Italian asset management company that controls the F2i fund, which specialises in investments in the infrastructure sector, had also attracted significant interest.
F2i owns F2i Airports, the holding company that owns the fund's holdings in airports such as Turin Caselle, Naples Capodichino, Milan Malpensa, Milan Linate, Milan Bergamo and Bologna.
According to the publication, over 70 financial groups from Europe, Asia, the Persian Gulf and North America have expressed an interest in the stake with the Abu Dhabi Investment Authority (ADIA) believed to be among the frontrunners given the possibility of Etihad's deal with Alitalia succeeding.
