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Etihad to buy 49% stake in Alitalia

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Etihad Airways will take up a 49% stake in Alitalia, giving the Gulf carrier a strategic foothold in the European market, with an initial investment pegged at €560 million (US$762 million) contingent on the elimination of around 2,200 jobs – or 15 percent of Alitalia's work force – towards up to €1.25 billion (US$1.7 billion) over the next four years to turn around the troubled airline. (www.ausbt.com.au) More...

James Middleton
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