In the 1990s Swissair initiated the disastrous “Hunter Strategy”, a major expansion programme devised by the consulting firm McKinsey & Co. Using this strategy, Swissair aimed to grow its market share through the acquisition of small airlines rather than entering into alliance agreements. Swissair decided to acquire 49.5 percent of the very successful Italian charter airline Air Europe, the unprofitable Belgian flag carrier, Sabena, and significant stakes in the carriers Air Liberté, AOM, Air Littoral, Volare, LOT, Turkish Airlines, South African Airways, Portugália and LTU, and planned to acquire stakes in Aer Lingus, Finnair, Malév, as well as Brazilian carriers TAM and Transbrasil. By mid-2000, it was predicted that Swissair would lose between CHF 3.25 billion and 4.45 billion over the next three fiscal years. The management however maintained in classical restructuring, the Board approved the reorganization of LTU for approximately CHF 500 million. Also, there were plans to take over Alitalia.