ROME (Reuters) -The Italian economy ministry on Wednesday said it would appoint former Treasury official Antonino Turicchi as chairman of state-owned carrier ITA Airways, the successor to Alitalia. Turicchi, who also sat on the board of state-controlled bank Monte dei Paschi di Siena, is currently the CEO of FINTECNA, a financial holding company controlled by state lender Cassa Depositi e Prestiti (CDP). At ITA Airways, he will take the place of Alfredo Altavilla, who resigned earlier this month after a clash with several board members over strategy to complete the privatisation of the airline. In August, the Treasury picked a group led by U.S. private equity fund Certares, backed by Air France-KLM and Delta Air Lines Inc, for exclusive talks on buying a majority stake in the carrier.
The consortium beat a rival bid presented by shipping group MSC and Germany’s Lufthansa.
The exclusivity period ended last month but talks over a potential sale agreement are continuing.
It remains to be seen whether MSC and Lufthansa will formalise a new offer.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
Confirming a Reuters report on Tuesday, the Treasury said in a statement it would appoint Turicchi at an ITA Airways shareholders’ meeting on Wednesday.
Turicchi had recently been indicated by political sources as a potential candidate to replace Alessandro Rivera as director-general of the Treasury.
(Reporting by Giuseppe Fonte; Editing by Nick Zieminski, Kirsten Donovan)
