Beleaguered Italian airline Alitalia accepted a $1.17 billion takeover from French-Dutch carrier Air France-KLM. The 15-cent-a-share deal is an 80 percent discount on Alitalia’s closing price Friday. “Alitalia has given a painful yes to the French,” said the Italian business daily Il Sole-24 Ore in an editorial. The deal requires approval from the Italian government, which owns 49.9 percent of the airline. (The New York Times, free registration)
The bottom line
March 17, 2008
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