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Treasury-Lufthansa, towards the signing of the agreement on Ita

2023-05-24T17:11:31.527Z

Highlights: To the Germans 40% for 300 million. Then waiting for the ok from the EU (ANSA). At the final stages the negotiation between the Treasury and Lufthansa for the sale of a minority stake of Ita Airways to the German company. According to what transpires, the signing of the preliminary agreement between the parties is a matter of hours. The newco, born from the ashes of Alitalia, will become part of a group that operates worldwide. The Cologne group is preparing to buy, through a reserved capital increase, a 40% stake for an outlay of just over 300 million euros.


To the Germans 40% for 300 million. Then waiting for the ok from the EU (ANSA)


At the final stages the negotiation between the Treasury and Lufthansa for the sale of a minority stake of Ita Airways to the German company. According to what transpires, the signing of the preliminary agreement between the parties is a matter of hours and could arrive as early as tomorrow. The Minister of Economy and Finance, Giancarlo Giorgetti, will be in Rome tomorrow while on Friday he will leave for Trento for the Festival of Economics. The MEF is currently the sole shareholder of Ita Airways.
Lufthansa's offer for Ita arrived on the table of the Ministry of Via Venti Settembre last January and then the negotiation began. The Cologne group is preparing to buy, through a reserved capital increase, a 40% stake for an outlay of just over 300 million euros and then later take over the majority from the MEF, rising to at least 90% of Ita.
The preliminary sale agreement (signing) must then have the green light from the Court of Auditors, the Italian Antitrust Authority and the EU Antitrust. Once the green light has been obtained from all three bodies, the final contract will be signed, the so-called closing. In the meantime, a new Board of Directors of ITA will be moved. The appointment of the new board of directors had in fact been postponed "pending the outcome of the exclusive negotiations still underway with the possible partner".
The newco, born from the ashes of Alitalia, will become part of a group that operates worldwide. The Lufthansa galaxy includes over 300 subsidiaries and investee companies, with a portfolio of companies that consists of network carriers, point-to-point carriers and air transport service companies. Among the directly controlled airlines are Austrian Airlines, Brussels Airlines, Swiss International, Air Dolomiti, Lufthansa Regional, Eurowings and Lufthansa Cargo.
Ita's entry into the Lufthansa Group, however, does not mean that its financial turnaround is just around the corner. Lufthansa's chief financial officer, Remco Steenbergen, warned that "it will take some time" to turn Ita into a profitable company but "a clear path has been outlined to achieve the goal". The adventure in the skies of Ita Airways started on October 15, 2021 and on December 31 of the same year the company had budgeted a red of 149 million euros. 2022 closed with a net loss of 486 million euros while revenues amounted to 1.576 billion. (ANSA).


Source: ansa

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