The long-running soap opera of Alitalia’s future and future owners appears to have taken another sharp plot twist, even though the airline itself reported rises in revenue and passengers for the past year.
Only last month, it appeared that a solution was in place, with Delta and EasyJet sharing 40% of a new company, led by Italy’s state railroad FS, which would hold 30%. In that version, Italy itself would get 15% in return for the bridge loans that have kept the planes in the air for the past three years.
Now, however, EasyJet has definitively pulled out of the deal, but promised to increase its own flights to three major Italian airports. Delta, whose interest is strong especially because it fears Alitalia’s long-haul routes falling into Lufthansa’s hands, is still in, but is willing to take only 10% at first, with a commitment for another 10% if the airline shows profits.
FS and the Italian government are now searching for more investors. In one rumored version, FS would raise its stake to 40% and big Italian shipbuilder Fincantieri would be invited to take 10-15%. Like FS, airlines are not its business, but it has been involved in other industries. That leaves about 35% on the table, and Delta is said to be working to get one of its SkyTeam partners, China Eastern, to get in on the deal.
Stay tuned! the drama is apparently not yet over.
