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Air France-KLM’s bid to buy ailing Italian airline Alitalia fell apart after Air France rejected an Alitialia union proposal and pulled out of the talks.

Air France-KLM’s bid to buy ailing Italian airline Alitalia fell apart after Air France rejected an Alitialia union proposal and pulled out of the talks. Alitalia, which loses $1.6 million a day, now faces bankruptcy. Air France shares rose more than 5 percent on the news. With upcoming Italian elections likely stalling any bankruptcy filing, said Italian fund manager Carlo Luoni, “This may give Air France time to think about it and come back.” (Bloomberg)

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