Oct 25, 2017

Cerberus may want to fly Alitalia

AP Photo/Reed Saxon

U.S. private equity firm Cerberus Capital Management has approached troubled Italian airline Alitalia about a complete takeover that could keep the company independent, according to the FT. Its restructuring plan would include the Italian government — which has been running Alitalia since it entered administration in May — retaining a minority stake and some sort of profit-share with trade unions.

Why it's a big deal: Because Cerberus is going around the formal process, one week after seven suitors submitted binding offers for all or part of the company. Among the bidders were rival air carriers EasyJet and Lufthansa.

Portfolio: Cerberus has past experience with both air carriers (e.g., Air Canada) and commercial aircraft leasing (e.g., AerCap)

FT's James Politi: "Cerberus opted not to submit its own binding offer because it considered the terms of the public tender too restrictive. But the New York-based buyout group had since told Alitalia it was still interested in buying the lossmaking airline if it could be comprehensively restructured... Cerberus has suggested that it would be willing to invest funds worth somewhere in the "low nine-digits", or between €100m and €400m."

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World coronavirus updates: Confirmed cases top 1 million

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Novel coronavirus infections have hit the 1 million mark after "near exponential growth" that's reached "almost every country," World Health Organization Director-General Tedros Adhanom Ghebreyesus said Thursday.

The big picture: The global death toll exceeded 50,000 on Thursday, per Johns Hopkins data. Italy has reported nearly 14,000 deaths. Governments around the world have introduced public health and economic measures to try and curb the impact of the virus.

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  1. Global: Total confirmed cases as of 6 p.m. ET: 1,007,997 — Total deaths: 52,771 — Total recoveries: 210,055Map.
  2. U.S.: Total confirmed cases as of 6 p.m. ET: 236,339 — Total deaths: 5,648 — Total recoveries: 8,861Map.
  3. 2020 update: The Democratic National Committee said its July convention will be postponed until August because of the coronavirus.
  4. Jobs latest: The coronavirus unemployment numbers are like a natural disaster hitting every state
  5. Public health latest: FDA allows blood donations from gay men after 3-month waiting period, citing "urgent need."
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Judge declines to delay Wisconsin April 7 primary, extends absentee deadline

Photo: Darren Hauck/Getty Images

A federal judge on Thursday declined to delay Wisconsin's April 7 primary election, saying he doesn't have the authority to do so.

Why it matters: Wisconsin is the only state scheduled to vote next Tuesday that has not yet delayed its primary.