MILAN (Thomson Financial) - The Italian government may not compel the purchaser of its stake in Alitalia SpA to buy 1.207 bln convertible bonds as well, in a move to maximise the proceeds raised from the privatisation of the troubled airline, the weekly Milano Finanza said on Saturday citing financial sources.
The government plans to sell a 39.9 pct stake, which could be increased to 49.9 pct, in Alitalia along with the bonds.
It has shortlisted three potential buyers, who will have to make binding offers on July 2.
One of the shortlisted consortia -- comprising Texas Pacific, Matlin Patterson and Mediobanca SpA -- values the government's stake as worthless and only plans to propose a large capital increase to relaunch the company, the newspaper said.
By not having to buy the bonds, the purchaser could avoid having to pay 450 mln eur in the privatisation phase, it said.
The government could end up with 20 pct of Alitalia's capital when the bonds expire in 2010, Milano Finanza said, but added that it would probably prefer the bonds to be reimbursed in cash rather than in shares.
The other candidates shortlisted to buy Alitalia are a grouping including Unicredito Italiano SpA and the Russian airline Aeroflot; and Italy's AP Holding SpA, which owns the Air One airline.
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