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Air One and US-Italian consortium pull out of Alitalia bidding.

AIRLINE INDUSTRY INFORMATION-(C)1997-2007 M2 COMMUNICATIONS LTD

Italian carrier Air One has withdrawn from the bidding for Alitalia, while a consortium of US private equity firms TPG and MatlinPatterson and Italian bank Mediobanca also announced today (18 July) a decision not to take part in the Alitalia auction.

Air One reportedly cited impossible conditions as the reason for the decision, and according to Reuters the decision raises questions regarding whether a different procedure for the sale of the airline is needed.

The Italian Treasury has declined to comment on the decision and Prime Minister Romano Prodi was not immediately available. The government has been criticised for imposing restrictive sale conditions.

After Air One said it would pull out, the Treasury said earlier today it would continue with the auction as MatlinPatterson was still in. It is however not known what the Treasury will do after MatlinPatterson's withdrawal.

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Publication:Airline Industry Information
Article Type:Brief article
Geographic Code:4EUIT
Date:Jul 18, 2007
Words:160
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