Troubled Italian airline Alitalia is reportedly set to relaunch next month after unions agreed a rescue package for the company .
According to reports by Travel Weekly, the airline is to merge with Air One resulting in one in three employees losing their jobs .
An injection of €2 billion (£1.6 billion) of government funds, which will help clear its debts of more than €1 billion, and a reduction of its network are said to be the main features of the rescue deal .
The online travel site added that the Italian government's 50 per cent share in the airline will be taken over by a consortium of investors .
Last week budget airline Ryanair argued that airlines such as Alitalia and Olympic Airways are "grossly inefficient and polluting" and that the European Commission should let them go out of business instead of allowing governments to come to their rescue using "billions in illegal State aid" .
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