CORRECTED - UPDATE 1-Alitalia shares fall after TPG withdraws bid

(Reuters) - A consortium led by U.S. private equity company Texas
Pacific Group said late on Tuesday it was withdrawing from
bidding for Alitalia.




The pullout leaves Italian airline Air One and Russian flag
carrier Aeroflot vying for Alitalia. Both bids are supported by
Italian banks -- Aeroflot's by UniCredit, and Air One's by
Intesa Sanpaolo.


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De Benedetti's M&C consortium scraps Alitalia bid

(Reuters) - M&C and partners private equity firm Cerberus Capital Management [CBS.UL] and ELQ Investors of U.S. investment bank Goldman Sachs had been on the shortlist of potential bidders for the government's stake in Alitalia.

It gave no reason for its withdrawal, but on March 22 De Benedetti had said M&C was pulling out of the due diligence process due to objections from Goldman Sachs and Cerberus to a one-year trading ban on Alitalia shares imposed by the Treasury.


Read more at Reuters.com Mergers News