MILAN, April 2: Russian airline Aeroflot emerged as a surprise candidate on Monday to buy the Italian government’s stake in the loss-making Italian carrier Alitalia. The economy ministry said the Russian group, in partnership with Italian bank Unicredito Italiano, was one of three bidders who had come forward at the second stage of the privatisation process.

“Aeroflot holds 95pc of the consortium and we have the remaining five per cent,” Sergio Ermotti, deputy managing director of the Unicredit group told a news conference.

A second bidding consortium is comprised of Italian bank Mediobanca, investment fund Texas Pacific Group and private equity group MatlinPatterson.

And the third bidder is AP Holding, which is the holding company of the owner of Italian airline Air One, Carlo Toto.

The Italian government, which is privatising the troubled airline, has a 49.9pc stake in Alitalia and plans to sell at least 39.9pc which would then force the buyer to make an offer for the rest of the company.—AFP