The takeover will reportedly cost taxpayers up to €600 mil. FMTNews Italy Australia
Alitalia’s takeover comes as part of a broader €25 bil coronavirus response plan.
Covid-19 has officially killed 2,503 people in Italy – 32% of the world’s reported total – and forced the nation of 60 million to enter its second week under a virtual lockdown that has imperilled the livelihoods of millions. “At a time like this, a flag carrier gives the government more leeway,” Deputy Economy Minister Laura Castelli told Italian radio.
Alitalia faced the threat of closure even before Covid-19 grounded the overwhelming majority of most airlines’ flights. But how Conte’s government intends to save Alitalia – a member of the SkyTeam alliance that has been bleeding money for many years – in the long term remains unclear.The government decree provides for the creation of “a new company wholly controlled by the ministry of economy and finance, or controlled by a company with a majority public stake, including an indirect one”.
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