Alitalia agrees to be bought by Air France-KLM
ROME, March 16 (Reuters) - Struggling Italian carrier Alitalia (AZPIa.MI: Quote, Profile, Research, Stock Buzz) on Sunday agreed to be bought by larger rival Air France-KLM (AIRF.PA: Quote, Profile, Research, Stock Buzz), but for a far smaller sum than expected.
Air France-KLM offered one share for every 160 shares of Alitalia as part of its binding offer, valuing the airline at just 138 million euros -- an 81 percent discount to current share prices.
Reports had suggested Air France-KLM would offer one share for every 70 of Alitalia's -- valuing the airline at about 317 million euros.
State-controlled Alitalia is rushing to wrap up a sale to the Franco-Dutch carrier before its dwindling cash reserves dry up.
(Reporting by Deepa Babington and Alberto Sisto, editing by Jacqueline Wong)
© Thomson Reuters 2008 All rights reserved
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