The Italian company also accepted "the public offer of an acquisition of 100 percent of Alitalia convertible bonds, at a unitary price of 0.3145 euro," for a total of 608 million euros. The board went on: "The contract is not immediately applicable as it is subject to several suspensive conditions which must all be validated by March 31, 2008." The new Alitalia would keep "its Italian identity" as well as its own brand and logo. About 1,600 jobs out of 11,000 would be lost in the Italian group, the statement said. "Alitalia sold to Air France at bargain price" ran the headline in the daily Il Giornale, owned by the family of former Italian premier Silvio Berlusconi.