Air France-KLM Takes Alitalia Stake

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Air France-KLM Takes Alitalia Stake

By Jay Boehmer

MARCH 30, 2009 -- Air France-KLM on March 25 completed its purchase of a 25 percent stake in Italian flag carrier Alitalia "through the subscription to a reserved capital increase for an amount of some €323 million," after more than a year of stops and starts in efforts to take over all or some of the airline.

Air France-KLM in April last year pulled a proposal to acquire Alitalia outright (BTNonline, April 22, 2008), but in January said they "reached an agreement to launch a new strategic partnership, cemented by Air France-KLM taking a minority stake in Alitalia." Alitalia then noted that "network optimization and revenue management" synergies in the next three years "should amount to some €720 million for Alitalia."

Air France-KLM said the partnership gives it "greater access to the Italian market thanks to Alitalia, which, following its acquisition of Air One, has reinforced its position in the domestic market."

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