ITA Airways sale to Lufthansa: bid submitted for minority stake
It was expected later in the day. This is a most important step for the airline born from the ashes of Alitalia
Lufthansa
ITA Airways
Star Alliance
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The news had been in the air for some time, and we at TFC We had already told you about it on several occasions. In the afternoon came the submission of the bid for share of Lufthansa for the acquisition of a minority stake in Ita Airways.
The German company has submitted to the Ministry of Economy and Finance. A letter of intent to acquire ITA Airways.. According to a note, the proposal covers - as mentioned - initially a minority share.
Deutsche Lufthansa AG aims to acquire a stake in the Italian national airline ITA Airways (Italia Trasporto Aereo S.p.A.). The plan is to agree on the initial acquisition of a minority stake as well as options to purchase the remaining shares at a later date. Today the company submitted an offer to the Italian Ministry of Economy and Finance to conclude a Memorandum of Understanding (MoU) to this effect. Provided both parties sign this MoU, further negotiations and discussions would be conducted on an exclusive basis.
These talks will mainly focus on the form of a possible equity investment, the commercial and operational integration of ITA into the Lufthansa Airline Group, and the resulting synergies. Should a binding agreement be reached, its implementation would be subject to approval by the relevant authorities.
For Lufthansa Group, Italy is the most important market outside of its domestic markets and the United States. Italy's importance for both business and private travel lies in its strong export-oriented economy and status as one of Europe's best vacation spots.
News that also marks a major change for Italy's many frequent flyer habits. Habits that away we have told you about and that - even more so - we will continue to tell you about in the course of theinevitable evolution that will follow today's bid presentation.
In the afternoon, on the sidelines of a Copasir hearing, responding to questions from journalists - who pressed him on the subject of the possible bid - Economy Minister Giancarlo Giorgetti had stated, "It expires at 6 p.m., it's either today or it's not there."
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