ROME (AP) -- Italy's Economic Development Ministry says the government has approved the sale of assets in the bankrupt Alitalia airline to a group of Italian investors for at least euro1.052 billion ($1.33 billion).
The move on Wednesday clears the way for Alitalia's administrator Augusto Fantozzi to sign a final deal with CAI Compagnia Aerea Italiana (Italian Air Company). The new airline is to launch by early December.
The ministry said in a statement that they asked CAI to raise their original euro1 billion ($1.26 billion) bid by euro52 million ($65.7 million).
CAI is still looking for a foreign carrier to take on a minority stake.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.