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The complex definition of the new Alitalia airline drags on

alitalia-1

With the definitive go-ahead for the growth decree, the Italy Council of Ministers added a further element to the complex definition of the new Alitalia airline.

The approved text, in fact, also contains the norms that define the modalities of entry of the Ministry of Economy and Finance (MEF) into the social capital of the newco “Nuova Alitalia.” Therefore, both the indefinite postponement of the repayment of the 900 million bridging loan and the transformation of a portion of this into shares of the new Alitalia are formalized.

In this way, the MEF will hold 15% of the shares of the new Alitalia, the same quota that will be up to Delta Air Lines, while the chief-rope party, Ferrovie dello Stato, should confirm its 35% of the newco. No signal, for now, on who will be responsible for the additional 35% still uncovered.

Despite the already announced reluctance of Atlantia, the company that controls Aeroporti di Roma and Autostrade per l’Italia remains the number one candidate for the Conte government, which, however, will have to open a real dialogue with the group headed by Giovanni Castellucci.

Time, however, is tightening and the most probable hypothesis on the table of Alitalia’s extraordinary commissioners is that of yet another postponement of the date set for the presentation of the industrial plan by Fs.

On April 30, in fact, which is almost upon us, the managing director of Ferrovie, Gianfranco Battisti, will hardly be able to define the composition of the consortium within a few days. Therefore, there is a postponement until after the European elections (scheduled for May 26) with the specter of a long summer hassle that would postpone any choice until next autumn.