Italy's second largest domestic carrier, Meridiana, is to remain under the ownership of the Aga Khan after he failed to secure a buyer offering an acceptable financial and industrial package. The airline - and Olbia airport in northern Sardinia, where it is based and which it owns - may be offered for sale again when there are "better market opportunities".
Likely bidders had included SAirGroup and Lufthansa, but the former is structuring an Italian airline of its own through stakes in Air Europe and Volare, while the German carrier this month agreed a codeshare deal with Air One. Other carriers in the running included Air France, KLM and Italian regional Gandalf Airlines.
Meridiana is 79%-owned by the Aga Khan, with its 1,400 workers controlling 16.7% and a bank a further 3%. The carrier has a 15% share of the domestic passenger market, but last year only generated 1.2 billion lire ($540,000) net profit on sales of 627.1 billion lire. Traffic has increased further this year, but the improvement has been offset by higher fuel costs and exchange rate fluctuations.
Fleet renewal issues, which had been shelved, must now be addressed. Meridiana has 17 Boeing MD-82/83s and four BAE-146s. Options include Airbus A320 aircraft, Next Generation Boeing 737s or 717s. Meridiana plans to take a single type, which must be able to operate from Florence's short runway.
Source: Flight International
