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CAI offer for Alitalia expected to take full effect 13 December

2nd December 2008 - 05:31 GMT | by The Shephard News Team


The Extraordinary Administrator, Mr Augusto Fantozzi, announces that on 30 November 2008 he concluded with C.A.I. S.p.A. a Recognition and Integration Agreement for the C.A.I. Offer made on 19 November 2008 - accepted by the Administrator on 20 November 2008 - for the acquisition of assets and contracts relating to the flight activities of the companies in the Alitalia Group in a.s. (hereinafter the "Contract").

In more detail, the Recognition and Integration Agreement states:

a) that the terms and conditions for the execution of the Contract are extended to 4 December 2008 after failure to complete by 30 November 2008 the conditions for the Contract operation relating to obtaining authorisation from the competent Antitrust Authority and issuing the Monitoring Trustee's report;

b) that, should such conditions come about, the deed of sale for the transfer of all the assets and contracts will be stipulated on 12 December 2008, according to the terms of the Contract;

c) that the economic effects connected with managing the complex of assets and contracts referred to in the Contract will pertain to C.A.I. from 1 December 2008;

d) that - should there be postponement for any reason of the date for transferring all the assets and contracts beyond 12 December 2008 (date for stipulating deed of sale) - all the risks and benefits as well as the positive and negative effects connected with managing the complex of assets and contracts, will pertain to C.A.I. from 13 December 2008;

e) that C.A.I., in relation to the terms agreed upon in points c) and d) above, will make advance payments to the companies of the Alitalia Group in a.s. starting from 12 December 2008.

This press release is issued at the request of the Italian Stock Exchange Controller (CONSOB).


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