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Article from BTNews 17 NOVEMBER 2014
Alitalia gained by Etihad
The European Commission has cleared the planned strategic partnership between loss-making Alitalia and Etihad Airways first made official in August. The parties have jointly announced that they will work together with a view to completing the transaction before the end of the year.
President and Chief Executive Officer of Etihad Airways, James Hogan, said: "We are delighted to be able to move forward with this process and look forward to a positive outcome and the final conclusion of our transaction with Alitalia.
"An equity investment in Alitalia will be beneficial not only for the both airlines, but, more importantly, it will give more choice and broader travel opportunities to business and leisure travellers into and out of Italy."
Gabriele del Torchio, Chief Executive Officer of Alitalia, said: "This is an excellent outcome for Alitalia. This investment will provide financial stability and a foundation for impressive long-term growth for the Company and for the travel and tourism industry in Italy, in which Alitalia is a fundamental player.
"Today's decision by the EU approves the largest ever foreign investment in Alitalia and demonstrates huge confidence in the future of the national carrier."
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