01/08/09, 01:26:37 UTC

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Alitalia says Baldassarre consortium includes Engineering

forbes.com

MILAN - Alitalia SpA said the consortium organised by lawyer Antonio Baldassarre to bid for a stake in the airline, comprises six companies, including Italy's Engineering SpA and tour operator I Viaggi del Ventaglio SpA.

The other members of the consortium are SAFNA, Aermar Srl, Mivtach shamir H Ltd and Reficere, Alitalia said in a statement issued at the request of stock market regulator Consob.

Yesterday evening, Alitalia said it is pursuing contacts with six groups, including the Baldassarre consortium, to ascertain their interest in buying a stake in the airline.

The Italian government wants to privatise its 49.9 pct owned airline and has asked the company to find a buyer.

Other candidates are Aeroflot Russian Airlines, Air France-KLM (nyse: AKH - news - people ), AP Holding, which owns Italy's Air One airline, Deutsche Lufthansa AG (other-otc: DLAKY.PK - news - people ) and private equity company TPG.

Baldassarre said SAFNA is a Belgian company with mining interests in Congo, including oil and diamonds, while Aermar is a Turin-based passenger airline start-up.

Mivtach shamir is a big Israeli fund, while Italy's Reficere is active in the food sector, he said.

Engineering is active in software, while Viaggi del Ventaglio owns the Livingstone airline, he said.

Overall, the consortium is 52 pct owned by Italian companies and has finance available for 1.0-1.5 bln eur to buy a stake in Alitalia and for a first phase of investment in the airline.

Baldassare said the consortium wants to launch long-haul routes to Africa and the Middle East as well as maintain Alitalia's existing role, he said.

The consortium hopes to announce by Friday a major airline operator as a member, he said, declining to name the company.

Baldassare said he expects Alitalia to open a data room of information on the airline for the six companies chosen for further contacts, unable to give further detailed timing for any bids.

Alitalia officials said the airline will start a second phase of contacts with the six companies interested, adding that at this stage these companies are not possible buyers.

The officials could not give further details on timing, beyond repeating chairman Maurizio Prato's comments on hoping to choose a buyer by the year end.

In a clarification sought by Consob, Alitalia said the company has still to verify the Baldassarre consortium has the funds and the industrial competence to support the relaunch of the airline.

In a separate statement, Viaggi del Ventaglio said it has expressed preliminary interest in joining the consortium ahead of receiving further information and taking any final decision.

'The possible participation in the project, that does not foresee any financial outlay by the company, takes account of the company's experience in air transport and tourism sales,' it said.

Viaggi del Ventaglio's possible participation in the project will be examined by its board once it has received further information, it said.

 Printable Version  | published Oct 09, 2007