Patiently, but not too patiently, the day of truth is at last with us. Fewer than a dozen days - probably before 24 April - separate us from the signing of the pre-agreement between Lufthansa and the Ministry of Economy and Finance for entry into the capital of ITA Airways. More than two months have passed since the signing of the letter of intent addressed to the Italian government, in which the German group put itself forward for the acquisition of an important share of ITA - 40% of the capital.
Then, before Easter the approval of the industrial plan was shared with Lufthansa, and now they are on the last lap, which is the price. A price that will inevitably take into account multiple factors and - essentially - will have to be not too high for one side and not too low for the other.
There is talk of a figure between €250 and 300 million, which would be useful to implement the carrier's industrial plan for the next five years (2023-2027) and envisages the expansion of the fleet from 67 to 98 aircraft, 80% of which will be new generation, as early as 2025.
Once the pre-agreement has been reached, the affair will scrutinized of the Italian and European regulatory authorities, with a go-ahead from the EU Antitrust Authority potentially expected by August, definitively sanctioning the transition to the Italian airline to German management.
In this context, what will the new face of ITA Airways be like? “As an integrated member of the family, ITA's destiny will be to provide Italy with a series of international connections,” explained the German giant in an official note in March. A “win-win' operation,” according to Lufthansa, with advantages for both sides that “fit perfectly” into the Lufthansa Group's network. And that - in a not too distant future - should lead ITA to make a profit. We'll see. Stay tuned....
Mariella Cattaneo
Journalist
