Alitalia hits cash target

City A.M. Reporter
ITALY’S troubled airline Alitalia has raised €300m (£251m) in its capital increase, including an investment by the state-owned postal service, a source close to the matter said.

“Including subscriptions by existing shareholders, new investors and the investment by the postal service, the €300m target has been reached,” the source said yesterday.

An Alitalia spokeswoman said the firm would comment on the outcome of the capital increase later. The deadline to take up any unsubscribed rights expired yesterday.

A successful rights issue, which includes pledges from new investors such as Italian businessman Antonio Percassi, should help Alitalia keep flying throughout the key Christmas holiday season.