Air One has refused from Alitalia
Italian company AP Holdings SpA, supervising the second-largest national airline Air One, has refused participation in the tender on purchase of the state share holding of Italian air carrier Alitalia SpA. Such information has been given by Reuters, referring to the application of Air One’s press-secretary.
AP Holdings has made a decision to refuse from the tender for purchase of Alitalia in connection with that the fact that the terms of transaction, offered by the Italian Ministry of Finance, which is owning 49,9 % of Alitalia’s shares, do not allow to realize the company’s crisis recovering plan.
In connection with given circumstances AP Holdings is not going to do the offer on purchase, the closing date for which expires on July, 23rd, 2007.
It is worth of mentioning that in June, 2007, Open Society “Aeroflot - Russian airlines” in consortium with Italian bank UniCredit and German Lufthansa has refused from participation in tender. Such decision was accepted after thorough examination of all circumstances connected with privatization of the Italian company.
Thus, there was one applicant for purchase of share holding Alitalia - the private American investment fund Matlin Patterson Global Advisors LLC, admitted by the Italian Ministry of Finance to the tender for purchase of a control share in a joint-stock package of an air carrier on June, 19th, 2007. Fund Matlin Patterson has been earlier a part of the investment consortium, led by Texas Pacific Group (TPG), which has refused from purchase of a control share in Alitalia in the end of May, 2007, in connection with inability “to meet all requirements connected with purchase”.
The Italian government has exposed unprofitable state-owned airline Alitalia on sale in the end of 2006.
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