Manufacturing Industry
AZ Fly to retain 51% stake in AZ Servizi
Airline Industry Information, Oct 22, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Alitalia's new flight operations business will hold on to a 51% stake in the ground services company that will be created when the airline is split into two.
AZ Fly, the new name for Alitalia's flight operations, will keep its majority stake in AZ Servizi, the company created to handle the airline's ground services. AZ Servizi's voting rights however will be controlled by the government holding company Fintecna which will have a 49% stake in the company.
A spokesperson for the airline said that the structure of AZ Servizi's board has not yet been decided and that AZ Fly will retain most of Alitalia's mid- to long-term debt, reports AFX.
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