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PARIS – Air France-KLM is about to buy a stake in the Italian airline Alitalia following a meeting of the French-Dutch group’s board of directors, sources say. The unidentified sources said the Air France-KLM board in Paris voted in favor of making an offer for an Alitalia share purchase Friday, the Italian news agency ANSA reported. KLM represents KLM Royal Dutch Airlines of the Netherlands. The new Alitalia board is to meet Monday to review the proposal, meaning no official word on the purchase would be announced until after that gathering. Air France-KLM is expected to offer Alitalia’s board nearly $403 million for a quarter share of the Italian airline. The former Italian state carrier will officially become a private airline starting Tuesday.
Prior to Alitalia being transformed into a private airline, the carrier had been on the international SkyTeam group with Air France-KLM. ANSA said if the French-Dutch carrier’s reported proposal is approved, Air France-KLM would be required to wait five years before it could purchase any additional shares in the Italian airline.
source: www.marketwatch.com
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