Alitalia shareholders back £255 million cash call

Reuters
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ROME (Reuters) - Shareholders in loss-making Italian airline Alitalia approved on Tuesday a capital increase for up to 300 million euros (£255 million pounds).

The shareholders have 30 days to decide whether to subscribe to the cash call as of October 16.

Alitalia said in a statement that Poste Italiane was expected to guarantee an investment of 75 million euros if shareholders were not to buy into the entire cash call. Similarly, banks Intesa SanPaolo (MIL:ISP) and UniCredit (MIL:UCG) would guarantee up to 100 million euros.

Alitalia said its board members were ready to resign after the rights issue due to the possible changes in the group's ownership structure.

(Reporting by Albero Sisto)

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