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Air France-KLM writes off value of Alitalia stake
October 31, 2013 / 8:56 AM / 4 years ago

Air France-KLM writes off value of Alitalia stake

Alitalia's logo is seen on top of the headquarters at Fiumicino international airport in Rome October 14, 2013. REUTERS/Max Rossi

PARIS (Reuters) - Air France-KLM (AIRF.PA) has written off the value of its 25 percent stake in troubled Italian airline Alitalia, it said on Thursday.

“As of October 14, 2013, the general meeting of shareholders of Alitalia has validated, within the framework of the restructuring of the company, the principle of an increase in capital amounting to 300 million euros ($413 million),” it said in the financial statements accompanying its quarterly results.

“Following ... this decision, Air France-KLM group has fully depreciated its Alitalia shares.”

The Franco-Dutch airline took an impairment charge of 119 million euros in the third quarter to reflect the decision, which comes amid Italian calls for Air France-KLM to deepen its ties with Alitalia.

Reporting by Tim Hepher and Cyril Altmeyer; Editing by James Regan

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