Article 7 octies of DL 5/2009 granted small savers the option to swap their Alitalia shares and bonds with newly issued state zero-coupon securities maturing on 31 December 2012.
In compliance with the existing law, the Ministry of Economy and Finance acquired from intermediaries over the past months data relating to those savers who agreed to take part in the transaction.
Adhesions to the swap offer have been significant: Over 100,000 share- and bondholders have taken up the option, representing nearly the totality of all the Alitalia security holders who were involved at that time.
After having checked the information received from intermediaries, and in compliance with the deadlines set down in the specific decree, the Ministry will ask the financial intermediaries to transfer the Alitalia shares to the Ministry itself by 30 September 2010 with a view to finalising the swap with state securities by the end of the year.
The newly-issued state securities will be assigned to the intermediaries who will, in turn, hand them over to those who are entitled.