Italy's nearly bankrupt national airline Alitalia is becoming an emotional election issue ahead of April's vote, with politicians sparring over and bemoaning plans to sell it to Air France-KLM.

A symbol of Italy's post-war economic boom and the Pope's carrier of choice, state-controlled Alitalia has lost money for five years and repeatedly warned it needs a new owner to avoid running out of cash.

Italy found a willing buyer in Air France-KLM after a year of fruitless hunting, only to have Prime Minister Romano Prodi's government collapse weeks later.

Analysts say Italy's next government may end up presiding over Alitalia's demise if it does not seal a deal with the French airline, but that has not stopped campaigning politicians from despairing that the carrier will now be run by Paris.

"I deeply love Alitalia, it is part of our history for me and so I'm not neutral," said Giulio Tremonti, who would become economy minister overseeing Alitalia's sale under a Silvio Berlusconi-led government. "When I'm abroad and I see its tail with the Italian flag, it always does something for me."

Earlier this week Berlusconi, the candidate for prime minister who leads in opinion polls, sent Alitalia shares down over six percent by saying he opposed the Air France-KLM deal and preferred selling the carrier to Italian businessmen.

Berlusconi, whose power base is in the industrial north which is upset over Air France-KLM's plans to scale down Alitalia's presence in Milan, later toned down his opposition to the deal but said he still prefers an Italian solution.

Rival politicians were quick to rebuke Berlusconi for using the Alitalia saga for electoral ends, but weighed in with their own views on the matter anyway.

Despite the appeal of keeping the carrier in Italian hands, few politicians have any interest in inheriting the saga.

The European Union has barred Italy from providing any more state aid to Alitalia, which needs a EUR750 million euro cash injection by mid-year to keep flying solo.

Calling Alitalia's condition too delicate for the "election grinder", prime ministerial candidate Walter Veltroni said he preferred to let the market decide its fate.

He wants discussions on the future of Milan's Malpensa hub to be kept separate from that of Alitalia.

Centrist leader Pier Ferdinando Casini, who has broken ranks with Berlusconi, said scaring off the French would only drop Alitalia's problems in the tycoon's lap.

"If a company cannot stand on its feet, does not have buyers and can't survive the market, it can only end up bankrupt or be sold abroad," he said.

All the public posturing on Alitalia has sent its shares on a wild ride over the past week but has not derailed Air France-KLM's exclusive negotiations to buy the Italian state's 49.9 percent stake in the Rome-based carrier.

Air France-KLM, expected to make a formal offer next week, ultimately needs the blessing of the new government, which will have to decide whether Alitalia's "Italianita" (Italianness) is more important than letting it go bust.

"I'm all for politics that preserves (national) identity and the flagship carrier issue is important," said far-right leader Francesco Storace. "But obviously if the airline goes bankrupt, it's an even bigger responsibility."