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Tue 23 Dec 2014 04:04 PM

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Etihad, Alitalia announce completion of ownership transfer

Etihad finalises deal for 49% stake; says new airline called Alitalia SAI will start operations on January 1

Etihad, Alitalia announce completion of ownership transfer

Alitalia and Etihad Airways on Tuesday announced the completion of all the formalities related to the transfer of air transport operations from Alitalia CAI to the new Alitalia SAI.

In a statement, Etihad Airways said it has subscribed and paid for the capital increase of 387.5 million euros for the acquisition of a 49 percent share in Alitalia SAI.

The remaining 51 percent shareholding is held by Alitalia CAI through MidCo, which has contributed the agreed assets and liabilities for the continuation of the airline, the statement added.

The transaction will become effective on December 31 and Alitalia SAI - Società Aerea Italiana - will start operations on January 1, 2015.

Last month, Etihad Airways and Alitalia signed a major codeshare agreement that will offer enhanced connections between Abu Dhabi and three of Italy’s biggest cities next year, with combined double-daily flights to Milan and Rome, and a new daily service to Venice.

The two airlines signed the codeshare expansion, which subject to government approval, and will result in Etihad Airways placing its ‘EY’ code on Alitalia’s new daily service between Venice and Abu Dhabi. In addition, the ‘EY’ code will be placed on Alitalia’s upcoming daily service between Abu Dhabi and the global fashion capital Milan, which also launches on March 29 2015.

Both airlines already codeshare on each other’s daily services between Abu Dhabi and Rome, and subject to government approval, Etihad Airways will codeshare on 15 of Alitalia’s domestic routes from Rome Fiumicino Airport next year, offering extensive access to and from the country.

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