Unions voted down recapitalisation plan [Merged future of Alitalia thread]
Oct 30, 2018, 2:17 pm
#647
Join Date: Jul 2013
Location: AMS/RTM
Posts: 2,827
We seem to be close to the end of this chapter of the AZ saga. According to this article (Italian, use incognito mode to circumvent paywall), LH does not want to partner with the Italian government (I find it hard to blame them), other Italian entities do not appear to be interested in investing, while the Italian Railways FS will make a formal offer to purchase the company.
LH does not exclude commercial agreements with the new AZ however, but there's no more substance than this generic statement.
LH does not exclude commercial agreements with the new AZ however, but there's no more substance than this generic statement.
Oct 30, 2018, 2:40 pm
#648
Join Date: Oct 2009
Location: SJJ/AMS
Posts: 4,647
It has to be said, as an important side to the above news and indeed latest developments, that the train company would only commit [in terms of investment] if a strategic partner (i.e. an airline) is found — their CEO was crystal clear in that respect. That aside, a few media sources are reporting Delta to be acting in the background (which is hardly surprising, given the frequent meetings with the current Alitalia’s CEO) not only to take charge (which would mean up to 49% as a non-EU entity) but also to redefine the carrier’s role within the North American joint-venture. All-in-all, it is hard to see anything happening before the first few months of the forthcoming year, hoping that a healthy business like the Italian train operator will not follow Alitalia’s renowned pattern...
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G
Nov 1, 2018, 2:24 am
#649
Join Date: Oct 2009
Location: SJJ/AMS
Posts: 4,647
Update | AZ Press Release | Offers
As per above, Alitalia announced that, as of yesterday, 3 offers were received (no further details provided, though).
According to ANSA (the Italian news agency), the Italian State Railways (FS) and Delta have both made binding offers whereas the last one from EasyJet is a non-binding offer.
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According to ANSA (the Italian news agency), the Italian State Railways (FS) and Delta have both made binding offers whereas the last one from EasyJet is a non-binding offer.
G
Nov 1, 2018, 2:52 am
#650
Join Date: Oct 2009
Location: SJJ/AMS
Posts: 4,647
Nov 1, 2018, 4:55 am
#652
Join Date: Mar 2016
Location: Cologne
Programs: FB Plat, IHG RA Spire, TK Elite+, HH Diamond, LH SEN, Marriott Titanium
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I believe Lufthansa would make a good owner, they have done a good job with Swiss, Austrian and well we aren’t sure about Brussels yet.
I understand why they don’t want in if the government still has their fingers in the pie.
on the other hand, Delta would both be interesting and favourable. If Lufthansa did get hold of Alitalia it would give them just too much presence throughout Europe.
I understand why they don’t want in if the government still has their fingers in the pie.
on the other hand, Delta would both be interesting and favourable. If Lufthansa did get hold of Alitalia it would give them just too much presence throughout Europe.
Nov 1, 2018, 4:57 am
#653
Join Date: Oct 2009
Location: SJJ/AMS
Posts: 4,647
Nov 1, 2018, 6:42 am
#654
Join Date: Aug 2007
Location: Germany
Programs: Miles & More, Amex
Posts: 678
The other tricky question is the discussion between the Italian Government and the EU regarding next year's budget plans. Currently, the EU is rejecting the budget plan. I am wondering if any involvement of the state owned FS will be considered by the EU as an Italian state investment into AZ and how they are going to react on this.
Interesting times ...
Nov 21, 2018, 12:53 pm
#655
Join Date: Jul 2013
Location: AMS/RTM
Posts: 2,827
It appears the Italian Railways (FS) have come up with their plan (Italian, use incognito mode to circumvent paywall) to take on AZ. Four pillars to the plan, (1) an alliance with DL and U2; (2) restructuring of the staff structure without layoffs and with the agreement of unions; (3) the approval by the EU regarding the merger of railway and airways; (4) approval by the EU to convert half of the 900M€ loan into equity, thereby making the Italian government a shareholder.
Good luck to everyone involved.
Good luck to everyone involved.
Nov 22, 2018, 6:12 am
#657
Join Date: Oct 2009
Location: SJJ/AMS
Posts: 4,647
I strongly doubt it is and for a number of reasons, first and foremost the fact that the involvement of the state-owned train operator is merely an act of trickery from the government in order to safeguard its political interests and therefore avoiding unrest from the unions, which are the clear winners (and always have been) in this situation and, as usual, will strongly oppose any restructuring plan or indeed changes to the current ineffective status-quo.
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Jan 23, 2019, 11:54 pm
#659
Join Date: Jul 2013
Location: AMS/RTM
Posts: 2,827
It appears that LH and the italian government can't agree on a plan forward, and as a result the Germans have withdrawn for the moment. FS is now left with DL/AF as only viable partner.