Air France-KLM’s 100-page long business plan for Alitalia SpA sees the loss-making Italian flag carrier breaking even in 2010 and turning to a net profit the following year, daily MF said in an unsourced report. Air France is in exclusive talks to acquire Alitalia and today the French carrier’s CEO Jean-Cyril Spinetta is scheduled to meet treasury minister Tommaso Padoa-Schioppa and Alitalia chairman Maurizio Prato, it said.
Air France plans to refurbish 57 MD80 and ten Boeing 767 planes this year and to replace them all by the end of 2017, the paper said.
Air France is also ready to raise its stake in ground service and maintenance unit AZ Servizi to 51 pct from 49 pct and does not plan any layoffs there, it said.
About 80 pct of the synergies will benefit Alitalia, it said.
Air France plans to launch an all-share offer for Alitalia that values the company at 0.35 eur per share and buy the convertible bonds held by the government at their nominal value, it said.
After the takeover, Alitalia would launch a capital hike, of which 750 mln eur guaranteed by Air France, it said.
The newspaper also said AP Holding, which controls Air One airline, has not dropped plans to acquire the airline and that only a takeover bid could allow AP Holding to block the French from taking over Alitalia.
AP Holding is financially backed by Intesa Sanpaolo and has secured support from five or six entrepreneurs ready to invest up to 50 mln eur, MF said.