Italian businessmen Roberto Colaninno, chairman and main shareholder in Piaggio SpA, is setting conditions on any involvement in a rescue of state-controlled Alitalia SpA, said Corriere della Sera.

In an unsourced report Saturday, the newspaper said Colaninno wants either Air France-KLM or Deutsche Lufthansa AG involved as Alitalia partners before he agrees to invest up to 300 million euros in Alitalia.

Colaninno has been cited in previous reports as a possible investor and chairman for Alitalia as part of an Italian consortium of businessmen. Colaninno's IMMSI SpA holding company has declined to comment.

Corriere said Colannino is querying the possibility of Italy's Air One airline merging with Alitalia in order to create a major Italian airline before negotiations on an international alliance.