ITA Airways, the government has chosen: the company will be sold to Americans with Delta and Air France
Twist at the finish line, when all the rumors were hinting that the Italian government would choose the MSC Group [...]
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Coup on the finish line, when all the rumors suggested that the Italian government would choose the MSC group with the support of Lufthansa, today came the official decision: ITA Airways will be sold to the fund Certares, Air France and Delta.
The MEF statement
The Ministry of Economy and Finance announces that, as a result of the procedure governed by the February 11, 2022 DPCM and aimed at the transfer of control of ITA S.p.A., an exclusive negotiation will be started today with the consortium formed by Certares Management LLC, Delta Airlines Inc. and Air France-KLM S.A., whose offer was deemed to be more in line with the objectives set by the DPCM. At the conclusion of the exclusive negotiations, binding agreements will be signed only if the contents are fully satisfactory to the public shareholder.
This was the notice that appeared today, Aug. 31, 2022, at 10 a.m. on the MEF website, a historic date that dictates the terms for the sale of the shares currently owned by the government after ITA was created last Oct. 15.
The role of Air France and Delta
According to rumors, what tipped the balance from MSC/Lufthansa to Certares was precisely the change in the role of Delta and Air France.
Previously they were mere business partners of the investment fund. A fund that is already present in the world of air transportation by being a key partner of the South American carrier Latam. Now, however, both carriers, which are closely linked by social pacts, have opted for a direct investment in the Italian airline,
Air France will enter with 9.9% , Delta with about 4% of shares the majority stake will instead be in Certares' portfolio with a minimum of 41.1%. The Ministry of Economy will thus be left with about 45%.
In the competing proposal, on the other hand, MSC and German group Lufthansa were scheduled to sell the airline almost outright.
The scenarios
The exclusive negotiation will bring the Economy Ministry to a crossroads by September, even before the elections scheduled for the 25th. There will be two paths. The first, Sign a simple memorandum of understanding with Certares. and its allies: it would be an important but non-binding piece of paper to force the future government to sell ITA. Second, arrive at a preliminary contract: in this case a binding decision that will commit the future government to sell or pay a hefty penalty in case of cancellation.
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