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Air France-KLM offers share swap as part of Alitalia bid

17 December 2007

Air France-KLM has offered a share swap and a capital increase of €750 million (US$1 billion) as part of its bid for Alitalia, the chairman of the Franco-Dutch airline was quoted as saying.

The group would renew Alitalia’s aging fleet and cut up to 1,700 jobs, Jean-Cyril Spinetta was quoted as saying in Italian newspapers Sunday.

Alitalia is scheduled to hold a board of directors meeting Tuesday to announce a decision on which sole bidder to open negotiations with. The Italian government, which has a 49.9 percent stake in the struggling airline, met earlier this week but failed to decide on a preferred bidder.

source: International Herald Tribune

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