Consortium Drops Out of Bidding Process for Stake in Alitalia

    May 31, 2007
    Consortium was formed by US private equity group TPG, US asset management group Matlin Patterson and Italian bank Mediobanca
    undefined

    AIRLINE INDUSTRY INFORMATION-©1997-2007 M2 COMMUNICATIONS LTD

    A consortium bidding for a controlling stake in Italian airline Alitalia has announced that it has withdrawn from the process.

    The consortium was formed by US private equity group TPG, US asset management group Matlin Patterson and Italian bank Mediobanca, according to The Associated Press.

    TPG reportedly issued a statement in Milan saying that it was "not in a position to comply with all the requirements".

    Two groups remain in the bidding for the carrier's controlling stake: AP Holding SpA, in conjunction with Intesa Sanpaolo SpAm; and OAO Aeroflot-Russian Airlines in partnership with UniCredit SpA, an Italian bank.

    A deadline of 15 June has been set for binding offers to be submitted. The government has issued terms for interested parties which state that the carrier must keep its Italian identity for a minimum of eight years.

    (Comments on this story may be sent to [email protected])

    News stories provided by third parties are not edited by "Site Publication" staff. For suggestions and comments, please click the Contact link at the bottom of this page.