Lufthansa’s offer for ITA Airways, with an initial minority stake, finally arrived on the evening of 18 January.
The final step would seem to be total control of ITA Airways
However the German aviation giant would seem to have the intention of moving to total control of the Italian airline, which in October 2021 took over from Alitalia and is currently 100% in the hands of the Italian state. In an official note the Lufthansa group announced that it had “submitted a letter of intent to the Italian Ministry of Economy and Finance” in which it stressed that “should both parties decide to sign the MOU, further negotiations and discussions will be conducted on an exclusive basis.”
The initial investment should be around €350 million for 40% of ITA Airways
The Cologne-based group specifies that the offer envisages taking over a minority stake in ITA Airways, before moving on to fully control it later, but it does not provide details. "Further in-depth talks will therefore focus primarily on the forms and modalities of the possible equity investment, the commercial and operational integration of ITA Airways into the Lufthansa Group and the resulting synergies." Rumours would have it that the Germans' initial investment will be around €350 million for 40% of the company.
Italy is one of the most attractive tourist destinations in Europe
The ball is now in court of the Italian Ministry of Economy and Finance, which has confirmed receipt of the offer, and “reserves the right to examine the congruity of the offer in compliance with the requirements of the Dpcm. No other offers arrived by the deadline.” The Lufthansa Group highlights how Italy is “the most important market outside of domestic markets and the United States (...) The desire to integrate ITA Airways into the group's companies lies in the country's strong global trade, business and private travel, strong export-oriented economy and in being one of the most attractive tourist destinations in Europe.”
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