Alitalia To Go To the Highest Bidder

Italy's Treasury on Tuesday said it plans to sell at least 30.1 percent of Alitalia shares to the highest bidder. According to Italian government rules, buying a 30.1 percent in a company forces a mandatory bid for the remaining shares of cash or other securities, meaning whoever buys the stake of the long troubled carrier must also make a cash bid for the rest of the airline, Reuters reports. Alitalia, valued at $1.77 billion, blames labor unrest, the high price of fuel and competition from low-cost carriers for its expected $266.4 million year-end loss.

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