Alitalia is fighting bankruptcy as its shareholders initiate efforts to raise funds in light of its main fuel supplier threatening to cut off supply. The Italian postal service will contribute €75 million (US$101.6 million) to the rescue package of €500 million.
Meanwhile, Air France-KLM – already the biggest shareholder of the beleaguered airline – waits to see if it should increase, possibly double, its stake of 25%. Air France-KLM chief executive Alexandre de Juniac is in favour of the take-over to gain greater access to the Italian market, the fourth largest in Europe, but the Franco-Dutch board is cautious about the debt incurred by Alitalia. The Italian flag carrier last made a profit in 2002 and has so far lost €294 million in the first half of this year. Air France once made a bid in 2008 to take over the airline but was thwarted by a consortium led by then prime minister Silvio Berlusconi. The timing today may not be right as the new Air France-KLM is itself struggling with restructuring and cost issues.
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