Alitalia averts bankruptcy with Etihad deal

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Alitalia has merged with Etihad. Photo: Vincenzo Pinto/AFP
16:24 CEST+02:00
Alitalia has been saved from bankruptcy after officially signing a deal that will see Abu Dhabi's Etihad taking a 49 percent stake in Italy's national carrier.

The deal was signed in Rome between Etihad CEO James Hogan and his Alitalia counterpart, Gabriele Del Torchio.

Shareholders also agreed to a €300 capital increase to keep the airline afloat until the deal is fully in force, La Repubblica reported.

Etihad's will initially invest €560 million, while €660 million has been earmakred for the future.

"We made it, after so much effort, so many nights and a year of work," Del Torchio was quoted in La Repubblica as saying.

Hogan said he was happy to invest in Alitalia and make it stronger.

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“Having Alitalia as a partner is crucial for us,” he added.

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