Ousted Avianca boss now eyes Alitalia takeover

Darren Wood
By Darren Wood July 4, 2019 11:23

Ousted Avianca boss now eyes Alitalia takeover

The previous owner of Avianca is reportedly interested in the takeover of Alitalia, according to reports financial daily Il Sole 24 Ore.

German Efromovich was ousted as owner of Avianca in May following United Continental Holdings taking legal action in Bogota to dismiss Efromovich from Avianca’s board for defaulting on a $456 million loan.

He has become one of the possible new owners for Alitalia, along with Toto Holdings and president of football club Lazio, Claudio Lolito.

“We wrote a letter to Ferrovie dello Stato and the adviser Mediobanca two weeks ago saying we can purchase up to 30% of Alitalia,” said Efromovich, according to a phone interview with the newspaper. “We want to join the company’s management and I’d like to be the chief executive officer, at least at the start.”

Italy’s ministry of economic development has confirmed the interest in the flag carrier, which has a takeover deadline of 15 July.

A 30% stake in Alitalia would require at least €240 million, according to the newspaper.

Il Sole 24 Ore has reported that Efromovich signed a non-disclosure agreement with Alitalia’s advisers. The Bolivian businessman still owns 78% of Avianca’s voting rights and 52% of the carrier’s capital.

Darren Wood
By Darren Wood July 4, 2019 11:23