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| Version 0 | Version 1 |
|---|---|
| Alitalia calls emergency meeting | Alitalia calls emergency meeting |
| (about 2 hours later) | |
| Alitalia will hold an emergency board meeting later after its chairman quit amid the collapse of a takeover deal from Air France-KLM. | |
| Maurizio Prato stood down after the breakdown of talks between Alitalia's unions and Air France-KLM management. | Maurizio Prato stood down after the breakdown of talks between Alitalia's unions and Air France-KLM management. |
| He had warned the unions that Alitalia risked going bankrupt if they did not accept the deal. | He had warned the unions that Alitalia risked going bankrupt if they did not accept the deal. |
| Italy's cabinet is also expected to hold a meeting on the takeover, which has become a hot political issue. | Italy's cabinet is also expected to hold a meeting on the takeover, which has become a hot political issue. |
| Shares suspended | Shares suspended |
| Trading in Alitalia shares is suspended on Thursday. | |
| "This company is cursed: only an exorcist can save it," Mr Prato was quoted by unions as saying after the negotiations collapsed. | "This company is cursed: only an exorcist can save it," Mr Prato was quoted by unions as saying after the negotiations collapsed. |
| This is a very dire situation Erika Young, FILT-CGIL union | |
| The Italian government has been trying for more than a year to sell its 49.9% stake in the troubled national airline and says there are no other bidders. | The Italian government has been trying for more than a year to sell its 49.9% stake in the troubled national airline and says there are no other bidders. |
| The collapse in negotiations leaves the state-owned airline on the ropes just 11 days before a general election. | The collapse in negotiations leaves the state-owned airline on the ropes just 11 days before a general election. |
| The government's sale of Alitalia has been opposed by prime ministerial candidate Silvio Berlusconi. | The government's sale of Alitalia has been opposed by prime ministerial candidate Silvio Berlusconi. |
| 'Dire situation' | |
| Unions had objected to the expected loss of 2,100 jobs under the takeover plans. | |
| FILT-CGIL, the largest of nine unions representing Alitalia workers blamed Air France-KLM's chairman Jean-Cyril Spinetta, for the collapse of takeover talks. | |
| Meanwhile the final straw for Air France-KLM appeared to be a last minute attempt from unions to broker a side deal with an unidentified Italian company. | |
| The union defended its tactics: "It was a proposal by an Italian company to inject more cash into (Alitalia) and therefore give the company a better future, more investment and a relaunch," Erika Young, international officer for FILT-CGIL, told the BBC's World Business Report | |
| Air France-KLM has twice agreed to extend the deadline for a deal to take over the cash-strapped airline and increased its offer to 139m euros. | |
| "This is a very dire situation," Ms Young said. | |
| "We are still state-owned and therefore it's the government's responsibility to tell us now what they intend to do and how they intend to keep the Italian flag carrier afloat." | |
| Administration risk | Administration risk |
| On Wednesday, Economy Minister Tommaso Padoa-Schioppa said the only alternative to the Air France-KLM offer would be to put Alitalia into emergency administration. | On Wednesday, Economy Minister Tommaso Padoa-Schioppa said the only alternative to the Air France-KLM offer would be to put Alitalia into emergency administration. |
| He also said a 300m euro ($470m; £236m) state bridging loan to Alitalia would be impossible unless the Air France-KLM deal was signed. | He also said a 300m euro ($470m; £236m) state bridging loan to Alitalia would be impossible unless the Air France-KLM deal was signed. |
| Air France-KLM's offer to buy Alitalia for 0.10 euros per share would have needed union backing to go ahead. | Air France-KLM's offer to buy Alitalia for 0.10 euros per share would have needed union backing to go ahead. |