Ferrari chairman is helping to save Alitalia

Share this article

Ferrari chairman Luca Cordero di Montezemolo is helping to bring about a deal between Etihad and Alitalia. Photo: Wikipedia
15:51 CET+01:00
The chairman of Italy’s famous sports carmaker said on Tuesday he was helping to clinch a deal for Abu Dhabi’s Etihad Airways to invest in the struggling Alitalia.

Luca Cordero di Montezemolo was quoted by Ansa news agency as saying that he is “helping to bring about” a deal that “would be important for Italy”.

He added that Etihad, which has been expanding rapidly and also owns 29 percent of Air Berlin, is a “very strong group” and that it was “a pleasure to give a hand”.

The comments came a day after Etihad’s CEO, James Hogan, told a conference in the United Arab Emirates that the airline would make a decision over the deal “in the next two weeks”.

While convinced that Alitalia, which is in debt to the tune of €1.2 billion, can be returned to profitability, Hogan added that Etihad would also need to consider what deal could be achieved "under European legislation”.

German airline Lufthansa complained in February that the deal amounted to covert state aid.

READ MORE HERE: Lufthansa hits out at Etihad's Alitalia plans

Any deal would likely include conditions set by Etihad for the Italian carrier to clean up its finances and reduce labour costs.

Story continues below…

Etihad also owns 40 percent of Air Seychelles, 19.9 percent of Virgin Australia and three percent of Aer Lingus. The company said in mid-November that it was acquiring 33.3 percent of the Swiss carrier, Darwin Airline, although that deal is awaiting regulatory approval.

Don't miss a story about Italy - Join us on Facebook and Twitter.

Share this article

From our sponsors

Last chance to vote absentee in the US elections

Election Day in the U.S. is less than a month away, and time is running out for Americans living overseas to vote absentee. Here's what to do before it’s too late.


Popular articles