Alitalia sells to Air France KLM

March 17

Posted by flicker as Alitalia, Technical Analysis, Italian Style, News, Society

It seems that Alitalia has decided to accept the offer of Air France-KLM. Indeed, for some time now on the verge of bankruptcy, the former national airline is clinging to the Franco-Dutch giant and its proposal for an alliance, through a public exchange offer on 100% stake in Alitalia, with an exchange of 160 shares Alitalia for each share of Air France-KLM takeover bid on 100% of CBs Alitalia (unit price of 0.3145 euros, equal to the market price of 14 March 2008). Once you have successfully completed the offers, Alitalia will decide a capital increase to one billion euros which will be fully guaranteed by Air France-KLM. A deal that promises of the figures, infati purchasing may involve an outlay of 1.7 billion euros. In such amounts, indeed, the operation in view of the two ope planned - the first capital of the company, the second bond - and also the capital increase by a billion already budgeted. But the company, in practice, is evaluated 'only' 138.5 million euros. And 'this fact, the figure is obtained by applying the value of the shares Air France-KLM, which were worth on the Paris stock exchange last Friday, ¬ 15.98 euros, the exchange ratio of an ex-Dutch for 160 of the Italian company. In practice, every action Alitalia is estimated less than 10 cents, to be exact 0.099 euros. For convertible bonds, the total of ¨ 608 million euros.