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The following 3 groups presented comprehensive plans to buy AZ on April 16th:
1) Italian carrier AirOne (and indirectly LH--AZ would enter Star)
2) Unicredit Bank backed by Aeroflot (and perhaps AF--AZ would stay in Skyteam)
3) Texas Pacific Group and various Italian investors.
I'd love to see AZ enter the Star Alliance. I don't see the Russian and Italian cultures meshing well at all, plus Aeroflot is a **** bird airline.
OneWorld would be the best fit for AZ geographically wise. But Star would be just as fine. It gets them away from the meddling hands of AF. MXP would reduce its hub role since its close to MUC and FCO would regain its status as Italy's super hub.
Your right about the geographic reasons for them joing up with One World, I'll admit my reasons for the Star Alliance are purely self motivated since most of my miles and status are with the Star Alliance.
Seems very dangerous to involve Russia in a major deal like this given the instability in the country right now.
Would be sad to see Italy's national carrier no longer in Italian hands, but it's all about money now, so if the Russians can come up with the financing there's no difference between them getting AZ and TPG getting it.
I see TPG getting this one really hands down. The Russians have their hands full as it is and they see saw as far as $$$ goes.