ITA-Lufthansa wedding blocked at night: a question of money
This afternoon, a summit between the two carriers and the Italian MEF will take place for the final decision
The bomb exploded during the night between November 4 and 5, according to what the "Corriere della sera" has written in these hours: the crux of the dispute that risks blowing up the marriage between ITA and Lufthansa, would be "some contractual aspects linked to the initial payment after the capital increase reserved for Lufthansa". During the negotiations, in essence, -hypothesizes the Milanese newspaper- the German Group would have proposed a revision of the amount expected for the second payment tranche, equal to 603 million euros, supporting a devaluation of ITA in the six months following the first payment.
Proposal firmly rejected by Rome. Italian authorities maintain that they are not willing to accept reductions based on the financial results of the last quarter, traditionally difficult for the airline industry, during which airlines tend to record greater losses. The official position is that Italy does not intend to undervalue the value of its national airline. In short: "Italy is not selling off its air company", the newspaper reports it again, citing unofficial government sources, and does not accept agreements that go against the interests of the country; therefore, there will be no concession on the adjustment of the figure for the second tranche.
Unless there are last-minute agreements. Because the three, namely ITA, Lufthansa and Mef (Italian Ministry of Economy and Finance), are expected to meet this afternoon for the final decision: between disagreement on the price and accusations of failure to apply some contractual clauses, the entire deal could definitively fall through after almost two years of intense negotiations.
AVIONEWS - World Aeronautical Press Agency