The Government of Sr Prodi can't seem to do much right these days.
Hot on the heels of a major right down of its dilapidated fleet and a resulting bad quarter, AZ lost one of the 3 remaining suitors. Sadly it was the strongest financially - the TPG, Mattelin Patterson consortium bailed yesterday. Reason? Connot comply with the restrictions on the bidding process imposed by the government. This leaves just Aeroflot (yes those guys) and AP Holdings (AirOne) only in the running.
So unless there is a white knight at the last moment (and I believe that the bidding process does not allow that), then the Prodi regime has a terrible dilemma on its hands. I can almost hear Mr O'Leary jumping for joy.
Our advice (which of course at this point is provided free of charge) is to re-open the bidding process and remove many of the stupid constraints on the bidders.
Its the only way to resolve a bad situation. However for the Italian government 3 not very nice choices:
Box A - admit you were wrong and re-open the bidding
Box B - the Russians get it (Garibaldi will be spinning in his grave)
Box C - Monopoly run by AirOne.
Hmmmm I think I would seek asylum in the Vatican
Cheers
ITK
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