Alitalia shares fall on bid report

Shares of Alitalia have fallen after a news report showed that the companies bidding for a controlling stake in the troubled airline Alitalia are expected to offer less than 0.4 euros per share.

The report was published in the daily MF said without giving a source.

The economy ministry has allowed a consortium comprising Texas Pacific, Matlin Patterson and Mediobanca SpA; a grouping including Unicredito Italiano SpA and the Russian airline Aeroflot; and Italy’s AP Holding SpA, which owns the Air One airline, to make binding offers for Alitalia.

According to MF, Texas Pacific, Matlin Patterson and Mediobanca value Alitalia’s shares close to zero, while AP Holding has an appraisal of 0.10 eur per share and Aeroflot and Unicredito value the shares less than 0.40 eur each.

The bidders are seeking to buy an at least 39.9 pct stake in Alitalia from the government, as well as the latter’s convertible bonds in the airline.