Air One plans Alitalia bid soon UPDATE

Skip navigation Web MSNBC Air One plans Alitalia bid soon UPDATE AFX adds comments on timing reasons for earlier govt rejection Pirelli LONDON Thomson Financial Air One the Italian airline owned by businessman Carlo Toto is preparing to bid for Alitalia in the near term in conjunction with a number of Italian partners the carrier said in a statement yesterday. In these days we re working to avoid losing our flag carrier and Milan s Malpensa airport. Our proposal is the only one that defends the real interests of Alitalia its shareholders the country and Malpensa it said. According to daily La Stampa the group led by Air One which is financially backed by Intesa Sanpaolo may include Pirelli with a small stake. Alitalia is currently in exclusive talks for a link up with Air France KLM which was chosen as the preferred bidder for the government s . pct stake. Air France plans include a reduction of Alitalia operations at Malpensa. An Air One official declined to add further det! ails on possible partners adding that once a court hearing on Alitalia is completed this week the company is ready. It does not need months. An administrative court is due to hear tomorrow Air One s challenge to the December government decision to choose Air France KLM as exclusive bidder with access to a data room to prepare a binding offer. Air One s statement said its binding offer can be prepared in the same timescale given to Air France KLM. The Air One official declined to comment on any financial changes for a new bid adding that the previous valuation of euro cent for Alitalia shares should be looked at as part of an overall bid. I am not going to enter in the details of the offer. It has to be looked at overall like a book is not judged on a single line he said. On its non binding offer in December Air One said the government judged financial commitments by international banks as insufficient . Air One said these banks can only make these commitments binding with a! binding Air One bid adding in the government s failed Alitalia auction in first half they were judged adequate . Pirelli declined to comment on joining an Air One consortium. An industry source said Italian newspaper reports exaggerate and Pirelli chairman Marco Tronchetti Provera is considering taking a small stake if everybody gets together on a bid. It is evolving. Everything is up in the air. No one is talking about a lot of money. At the moment there are no numbers no project she said. tf.TFN Europe newsdeskthomson.com jms dm vs nt jlc COPYRIGHT Copyright Thomson Financial News Limited . All rights reserved. The copying republication or redistribution of Thomson Financial News Content including by framing or similar means is expressly prohibited without the prior written consent of Thomson Financial News. Print this Email this Cover U.S. News Politics World News Business Sports Tech Science Entertainment Travel Health Blogs Etc. Weather Local News Newsweek Today Show Nightly News Dateline NBC Meet the Press MSNBC TV About Alerts Newslett! ers RSS Mobile Podcasts Site Map Help News Tools Jobs Contact Us Terms MSNBC

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