Milanese businessman Paolo Alazraki confirmed on Thursday that he is leading a group of investors which could make an offer to buy troubled airline Alitalia.
Alazraki, an expert in international financial markets, told ANSA there were currently 16 investors interested in the possibility of taking the controlling stake in Alitalia that the Italian Treasury wants to sell.
He said he and his partners had not yet raised all the funds needed for an offer but was confident that as soon as an industrial plan has been put together "investors will queue up".
"We're working on a plan. If the unions agree, we'll find the funds," he said, stressing that the intention was to avoid redundancies, while cutting waste and using innovative marketing strategies.
Alazraki was recently rumoured to be the shadowy investor who attempted to organise a meeting with Alitalia unions to discuss making the airline profitable again.
Lawyers handling that initiative gave up, apparently because unions were unenthusiastic. Alazraki confirmed on Thursday that he still wants to speak to unions, who are planning a strike later this month.
The Treasury has invited offers of interest for no less than 30.1% of the national carrier and all convertible bonds in the state's possession. Potential buyers have until January 29 to step forward with an industrial plan.
By acquiring over 30% of the airline, potential buyers will by law be obliged to make a public offer for all Alitalia shares on the market.
The Treasury currently holds 49.9% of Alitalia and may sell all of it if the right offer is made.
Alitalia, which has a market capitalisation of 1.37 billion euros, has not made an operating profit in the last five years.
Economy Minister Tommaso Padoa-Schioppa said last month that the government decided to privatise Alitalia because the airline "must be totally run according to the rules of business".
Alazraki has a 30 year experience in the international financial and real estate markets. He has worked for important Mutual Fund Industry players in Italy since the 1970s.
He is currently chairman of an investment company called Real Dreams Italy.
British weekly The Economist said on Thursday it doubted any offers would be made for Alitalia at the moment. Seeking greater leverage, investors were more likely to wait until the company could no longer pay fuel and airport costs, it said.
