etihad in early stages of alitalia takeover talks
Last Updated : GMT 13:03:42
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Arab Today, arab today

Etihad in early stages of Alitalia takeover talks

Arab Today, arab today

Arab Today, arab today Etihad in early stages of Alitalia takeover talks

Berlin - AFP

Takeover talks between Emirati carrier Etihad Airways and debt-laden Italian airline Alitalia are still at an early stage, Etihad's chief James Hogan said on Monday. "It's early days. We are working through the process," Hogan told a news conference hosted by Etihad's German partner Air Berlin. It was "very premature" to discuss the size of any shareholding to be bought by Etihad, he continued, adding that he had "no plan to make any announcement at the end of this month." Last month, Etihad confirmed to AFP that it was in talks with Alitalia. Reports have suggested that the Abu Dhabi-based carrier is preparing a big investment in Alitalia, which is in debt to the tune of 1.2 billion euros ($1.6 billion). In October, shareholders gave unanimous approval for a capital increase of up to 300 million euros to save Alitalia from bankruptcy The carrier has been looking for a foreign partner to rescue it. Etihad is expanding rapidly and has bought minor shares in several smaller carriers around the world as it competes with larger Gulf rivals Emirates and Qatar Airways. Etihad owns 29 percent of Air Berlin, 40 percent of Air Seychelles, 19.9 percent of Virgin Australia and three percent of Aer Lingus. In November, India's Jet Airways said it had completed the sale of a 24-percent stake to Etihad after obtaining regulatory approvals. Etihad also announced in mid-November that it was acquiring 33.3 percent of Swiss carrier Darwin Airline, which it plans to rebrand as Etihad Regional. The acquisition is awaiting regulatory approval. Etihad is also due to acquire 49 percent of Air Serbia in January.

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