The owner of Monarch Airlines is mulling a bid for Italy’s flag-carrier, Alitalia, according to reports on Sky News.
Private equity firm Greybull Capital, which also owns British Steel, is said to be among the list of companies interested in buying the Italian airline, which has been put up for sale by an Italian government weary of pumping money into it to keep it airborne.
Sky News’s City Editor Mark Kleinman reports that people involved in the bidding process believe Greybull wants to acquire Alitalia’s engineering business and integrate it with Monarch’s existing operation.
It is said to be lukewarm to the prospect of acquiring Alitalia’s ground handling operations, which could count against it in the bidding process.
Loss-making Alitalia fell into administration in May and industry observers think the airline could have new owners before the year is out.
Greybull is flushed with success from turning around the fortunes of the British Steel unit it bought from Tata Steel UK, but it may have a tougher job reviving the fortunes of Alitalia.