ITALY - Last call for Alitalia offers

Press reports suggest that Merrill Lynch will take its pick out of 3 consortiums: a national coalition fronted by Air One and supported by bank Intesa Sanpaolo; fund Management & Capitali, currently deciding whether it will place a bid today; and Texas Pacific Group. The latter is rumoured to be the likeliest buyer, having previously invested in Continental Airlines and Australian carrier Qantas.

It is understood that investors which have dropped out of the competition include sector players Lufthansa and Air France. Orlando Italy Special Situations and Atlantis Special Situations, two turnaround funds reported to have shown interest in the airline, have also declared they will not go ahead with a formal bid.

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• Topics
• Buyouts
• Southern Europe