Alitalia shares remained suspended today as they showed indicative gains of about 25 per cent a day after the government appointed a new boss at the beleaguered Italian airline.
Trade in the shares was suspended during crisis talks between the government and unions that ended yesterday with the state sacking Alitalia's senior management as the firm fights for survival.
Shares in the state-owned airline closed down 12.5 per cent on Tuesday at 0.21 cent.
The government has appointed former railways chief Mr Giancarlo Cimoli to oversee the latest attempt to save the state-controlled airline from bankruptcy.
The ailing flag carrier will likely be split into two parts under the new boss's rescue plan, Transport Minister Mr Pietro Lunardi was reported today as saying.
The plan has to address how to stop Alitalia leaking cash - sources have said it lost between €200 million and €250 million in the first four months of 2004 - without availing of state aid, which is banned under European Union rules.
The airline's global operations were crippled for five days last week due to a strike that cost the firm at least €40 million. Unions say cost savings are being unfairly targeted at their members' jobs.