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A consortium bidding for a controlling stake in Italian airline Alitalia has announced that it has withdrawn from the process.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