Poste's investment in Italia is a move to allow the airline to keep operating and keep itself searching for foreign partners without denigrating itself. This was intimated by new Italian Prime Minster Enrico Letta to an Italian daily newspaper.
The state owned carrier would enter an international alliance at the soonest possible time and to modify its business strategy, according to Il Sole 234 Ore as it quoted the Prime Minster.
According to the newspaper, Letta said, "Alitalia should negotiate, without the hat in hand, to enter a large international alliance. Let's do it quickly."
The floundering aor carrier was saved for the meantime last Friday when its board, including Air France-KLM, had approved a capital increase as part of a state led EUR500 million bailout. The Italian Post office had agreed to provide EUR75 million or USD102 million for any unsubscribed hares in a EUR200 million capital increase offered to existing shareholders. On the other hand, Intesa Sanpaolo and Unicredit would be guaranteeing a subscription of nearly EUR100 million.
Letta further said, "The intervention of Poste forced the private (shareholders) to invest to keep Alitalia in business and to give it a future."
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