Steer clear

Investing in Italy is often not for the faint of heart. But anyone putting money into Alitalia now might need a sanity check. Intesa Sanpaolo has the unenviable task of finding a turnaround plan for the basket-case airline. Some of Italy’s top business names have been touted as possible co-investors alongside potential merger partner Air One, the zippy Italian upstart airline. The most impressive is Roberto Colannino, who nine years ago managed the world’s biggest hostile deal at that time, Oli...