Tuesday September 30, 2008 Alitalia's rescue by Italian investment group CAI appears fully on track after the last of AZ's nine labor unions yesterday backed the €1 billion ($1.46 billion) plan to re-launch the troubled airline that is estimated to be losing €3 million daily.After weeks of contentious negotiations between the unions and CAI, which includes Air One, labor groups agreed to concessions that will include 3,000 of AZ's 20,000 workers losing their jobs.
"We've signed the deal, but there's nothing to celebrate," said Antonio Divietri, head of AVIA, a union representing a majority of flight attendants that was the last holdout. He told reporters that under the rescue plan AZ workers are "like a dog [left out] on a balcony."Under the CAI plan, AZ's core passenger operations, likely to be downsized, will be merged with Air One. Ancillary services and assets will be sold off or shut down. The next step is whether a foreign investor will take a stake in the new AZ. Both Air France KLM and Lufthansa have indicated an interest, and LH CEO Wolfgang Mayrhuber traveled to Rome late last week for talks (ATWOnline, Sept. 29).
"It's up to CAI to [determine] the best offer for our country, but it must be a minority," Industry Minister Claudio Scajola said. Prime Minister Silvio Berlusconi said over the weekend that he would "rule out foreign investors or companies taking a majority stake" in AZ, scuttling speculation that AF KLM or LH would attempt an outright takeover. Any stake taken by the European heavyweights would be subject to EU approval.
by Cathy Buyck
