ITA Airways: how is the Lufthansa negotiation going
Last day to find an agreement on April 14, but it could arrive sooner
The Ministry of Economy and Finance (Mef) is monitoring the definition of the joint industrial plan of ITA Airways, which is being worked on by the managers of the Italian carrier and their German counterparts of the Lufthansa Aviation Group, which is negotiating with the Italian executive to privatize the airline. The last day to find an agreement is April 14, but the agreement could arrive sooner. At that point the European Union antitrust will have 40 days to express an opinion on the agreement. Meanwhile, critical voices are filtering out from some Italian media.
The German group initially aims to acquire 40% of the capital of ITA Airways, valued at 200-300 million euros, in the form of a capital increase. In the following two years, the Cologne-based company believes that the Italian airline could reach break-even (budget balance): this would give the go-ahead for the purchase of the remaining 60% stake from the Mef, thus allowing Lufthansa to rise to the 100%, with complete control of the Italian airline.
According to some national media, Lufthansa would not be ready to recognize the specificity of ITA Airways, compared to the other partner companies of Lufthansa. However, the Meloni government has made it a requirement that the airline does not become a satellite company. The same rumors speak of a "distance on the economic evaluation" of the company, which would have dropped to 200 million euros, which is difficult to believe. A renowned and shrewd group like Lufthansa would never have fought twice to win control of an airline that would have burned 80% of its value in about six months. Maybe it's just tactics, but the Italians are waiting for a happy ending.
AVIONEWS - World Aeronautical Press Agency