Cargolux look at Cargoitalia buy-out
16 / 06 / 2008
AIR Cargo News has learned that Cargolux has entered into negotiations with ailing Italian freighter airline, Cargoitalia, over a possible buy-out.
Sources in Italy indicated that a deal could be completed in 20 days and would provide Cargolux with a long-held ambition for greater access to the Italian market, as well as useful Asian traffic rights.
Any deal is likely to involve Cargolux dry-leasing two 747-400Fs to its new subsidiary, basing the aircraft in Milan. This would preclude the need for trucking to Luxembourg.
However, what is not clear is what liabilities Cargolux would incur in any deal.
“We have been approached by Cargoitalia management to look at various forms of co-operation, for which discussions have been initiated. At this stage, it is too early to comment on any possible outcome,” said Robert Van de Weg, senior v-p sales & marketing.