Sale of Alitalia approved by Italian government

Italy’s government has granted approval to a plan prepared by a group of Italian investors for the takeover of financially-troubled state airline Alitalia.

Alitalia’s bankruptcy administrator, Augusto Fantozzi, gave his approval for the sale of the ailing flagship carrier, according to a statement issued by the airline’s press office on Wednesday.

The announcement of the sale followed approval by the Economic Development Minister Claudio Antonio Scajola of the agreement with Compagnia Aerea Italiana (CAI), which includes a stipulation that the sale price be at least 1.052 million euros.

“The commissioner Fantozzi can now proceed to the cession of the assets within the first of December,” said Scajola in a statement appearing on the website of the Economic Development ministry. “CAI can now proceed in choosing a foreign partner that will strengthen the presence of Alitalia in the global market.”

The actual amount of the CAI offer for the purchase of the airline’s assets has not been revealed.

Alitalia’s sale to the consortium of Italian investors has been anticipated, as it was the sole bidder in the final stages of negotiations.

Major unions representing the carrier’s pilots and flight attendants have opposed the deal and the contracts being offered their members. By Wednesday evening, representatives of the unions had not commented on Fantozzi’s approval of the sale.

Thanks to edition.cnn.com for the above quotes, for more information on this article please visit their website.

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