Intesa Sanpaolo plan for Alitalia ready this week - report
MILAN, Jul 22, 2008 (Thomson Financial via COMTEX) -- By Staff Reporter
Company: Intesa Sanpaolo SpA (ISNPY)
Intesa Sanpaolo SpA's plan for ailing airline Alitalia SpA will be ready some time this week, daily Il Messaggero said, citing a source involved in drawing up the plan.
The plan envisages splitting the group into a new, operative Alitalia and a second entity that will hold all the group's debt, Il Messaggero said.
A total of eight investors will invest 800 million euros in the new Alitalia while the banks will loan a further 800 million euros to provide it with total assets of 1.6 billion euros, the paper said.
The private investors include the Clessidra fund, Rocco Sabelli, the Benetton family, the Ligresti family, AirOne, the Gavio family and the Fossati family, Il Messaggero said.
The investors, who might also include Roberto Colaninno, have been guaranteed an internal rate of return on their investments of 20 percent, the paper added.
Il Messaggero said Intesa Sanpaolo is trying to involve Mediobanca SpA, Nomura and Morgan Stanley for the bank loan, as well as some big Italian cooperative banks that have already been contacted.
stephen.jewkes@thomsonreuters.com sj/ms1
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Company: Intesa Sanpaolo SpA (ISNPY)
Related terms: airline, debt, family
