The Benetton family’s Atlantia SpA will discuss an investment of about E300m to buy a minority stake in troubled Italian airline Alitalia at a board meeting Thursday, according to a person familiar with the situation. The infrastructure company could acquire a stake of about 30% in a new holding company that would oversee the carrier’s turnaround, said the person, who asked not to be identified discussing private negotiations. Atlantia’s investment hinges on the participation of the Italian Treasury and Delta Air Lines, as well as a detailed business plan, the person said. A spokesman for Atlantia declined to comment. Financial daily Il Sole 24 Ore reported on Wednesday that Atlantia may seek a stake between 30% and 40% for an investment of at least E300m. The Italian government reiterated last week that binding bids for the bankrupt airline must be made by July 15. It said the bidding groups as currently configured include a possible stake of about 35% for state rail operator Ferrovie dello Stato, Delta at 10%-15% and the Treasury at about 15%.<br/>
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When Italian rapper Fedez flew to Sicily to marry fashion “influencer” Chiara Ferragni last summer, bankrupt Alitalia provided a special plane, complete with tailor-made tickets, a dedicated departure gate and onboard gadgets. The company’s largesse sparked protests in parliament and online -- as well as demands from the government for an explanation. Alitalia said the flight, from Milan’s Linate airport to Catania, was “a normal commercial accord and part of the company’s advertising campaign.” Now, Alitalia might be down to its last fashion stunt. After years of scandals and abysmal management, the airline has been under special administration for more than two years and now faces either liquidation or de facto nationalization. A group of public and private investors must submit a binding offer by Monday but most details -- including who will join the bid -- are murky. “Alitalia can’t afford to lose more time,” said Claudio Tarlazzi, head of transport union Uiltrasporti. “Talks about possible shareholders are just political solutions at this stage. But Alitalia needs an industrial plan and an investment strategy.” The core of the plan involves setting up a new company that would retain old Alitalia’s assets while its billions of euros of debt would remain with the old company and be liquidated. Story has more of the background.<br/>