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Italian rival airline Air One emerged Monday as the frontrunner in the three-way race for Alitalia as Treasury officials met to discuss which bidders will make it to the next phase of the auction.

Three consortiums are vying for a minimum 39.9 per cent stake in the troubled national carrier, which according to figures published ahead of Tuesday’s board meeting lost more than 400 million euros (542 million dollars) during the course of 2006.

Of these, Air One is the favourite among analysts because it is seen as being in the best position to guarantee the company’s Italian identity, as requested by the Treasury.

source: monstersandcritics.com

Filed under Alitalia, Others.