Poste Italiane interested in Alitalia - but with conditions

Will invest only if airline's past liabilities are excluded

(ANSA) - Rome, July 23 - State-owned Poste Italiane remains interested in making a further investment in troubled Italian airline Alitalia, but only if the conditions are right, the chief executive of the post office said Wednesday. That includes guarantees the post office will not be required to take on any of Alitalia's past liabilities, said Francesco Caio. He spoke as the Italian flag carrier moves closer towards a deal with Abu Dhabi-based airline Etihad.

The post office, which last December injected 75 million euros into Alitalia as part of a government-engineered 500-million-euro rescue package, has analyzed the deal with Etihad and concluded that it is "well structured in terms of industrial (viability) and return for our company," said Caio. But the post office must be assured it won't be on the hook for Alitalia debts and other constraints and instead will only invest in a "newco free from the burdens of the past," Caio exlained.

As a public company, he added, Poste Italiane is under "the lens of Europe" and regulators are watching Alitalia's affairs to ensure that State aid is not provided, which would be seen by other airlines as providing an unfair competitive advantage.