MILAN, Italy, Dec. 29 (UPI) -- The Italian government Friday invited bids to purchase as much as 49.9 percent of ailing Alitalia, the country's flagship carrier.

Italy's Economy Ministry said potential buyers would have to bid for 30.1 to 49.9 percent of the company, with a stipulation the winning buyer or buyers would then bid for the whole company.

The bidding deadline ends Jan. 29, the ministry said in a statement on its Web site.

Alitalia shares closed Friday on the Milan Stock Exchange at $1.39, up 8 cents, or 6.15 percent.

Alitalia, which has not made an operating profit since 1998, expects to lose more than a quarter-billion dollars this year.