Alitalia directors to resign after pushing through capital hike

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Alitalia's board of directors is to tender its resignation in light of the changing ownership for the airline after shareholders unanimously approved the carrier's vital €300 million ($405 million) capital increase.

Confirmation of the approval came after a rescue financing plan for the cash-strapped Italian carrier was agreed on 11 October. Following the approval, shareholders will now have 30 days from 16 October to subscribe to the new issue. Shares will be offered in proportion to shareholders current stakes in the carrier.

Subject to regulatory approval, state postal service Poste Italiane is expected to become a stakeholder in the airline after agreeing to take up to €75 million in any unsubscribed shares. Banks Intesa Sanpaolo and Unicredit have also guaranteed to underwrite €100 million in any unexercised share options.

In a statement confirming the approval, Alitalia's directors say that in anticipation of the change in ownership following the capital increase, they have expressed their intention to resign at the first shareholders meeting after completion of the capital increase.