Atlantia outlines conditions for preparing a binding offer for Alitalia

Atlantia confirmed (15-Oct-2019) its willingness to continue talks aimed at reaching agreement on a long term business plan for the turnaround of Alitalia. Atlantia also confirmed its intention to participate in preparing a binding offer to acquire the businesses belonging to Alitalia SAI SpA and Alitalia Cityliner SpA. This would involve the establishment of a new company (Newco) with the participation of "a leading airline", which would be able to contribute commercial, network, operational, technical and management expertise, would be willing to commit to the implementation of an agreed business plan and would subscribe for shares in Newco. Atlantia stated its participation in formulating the binding offer is dependent on the following considerations:

• Identification of an industrial partner to take a significant stake in Newco;
• Final definition of the Newco's business plan to be agreed and committed to by the industrial partner, which must assume a major role in managing and implementing the plan;
• Conclusion of an agreement with other shareholders on the Newco's governance structure and senior management roles;
• Definition of an ownership structure for the Newco that would see Atlantia play the role of minority shareholder and not involve Atlantia in the Newco's day-to-day operations, with the aim of avoiding potential conflicts of interest, given that Atlantia owns close to a 100% interest in Aeroporti di Roma SpA;
• Atlantia's board also stressed the importance of finding suitable solutions for certain related issues if a binding offer is to be developed, including:
  • The need for the companies in extraordinary administration to be able to manage the businesses through to completion of the transaction and the necessary organisational turnaround, including appropriate social protections;
  • EU clearance for any financing provided to Alitalia;
  • Government measures needed to give Alitalia the necessary stability in order to implement its business plan under market conditions. [more - original PR - English/Italian]