Italy has spelled out the details of its call for expressions of interest in the troubled state- controlled airline Alitalia. Investors have the chance to buy at least 30.1 per cent of the shares held by the state, with the possibility to acquire up to 49.9 per cent.

However, observers say the conditions attached may put off some investors. The law requires the holder of more than 30 per cent of a company to make a public offer for the remaining shares. A new investor would also have to maintain the 30.1 per cent stake until business targets are met. The carrier’s national identity would have to be maintained and there would be a minimum level of service and national coverage.

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