United Arab Emirates-based airline Etihad has reportedly confirmed Sunday it is close to reaching a final agreement with Italian peer Alitalia for a merger deal.
The companies issued a joint statement early this week to announce Etihad’s plans to submit a formal letter to Alitalia’s board of directors in only a matter of days. Reports say Etihad is looking to acquire up to 49 percent of the Italian company, recently plagued by financial losses.
Financial terms of the acquisition were not discussed by either company, however. Some reports speculated a buyout value of about $760 million.
Alitalia, which received a $682 million government bailout last year, is said to be more than $1 billion in debt. Restructuring that debt is rumored to be the top priority for Etihad in its negotiations with Alitalia.
The two firms had been negotiating a possible merger for about five months.
Full content: NYTimes
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI