The new Italian Economy Minister, Giancarlo Giorgetti, announced on Monday his decision not to renew the exclusivity period for negotiations with the US investment fund Certares, Air France-KLM and Delta on the sale of ITA Airways, born from the ashes. from Alitalia.
If this term was known, it is the result of the ministry’s press release that worries the interested parties. It can be read that “discussions continued” for a “possible agreement on a transfer”. Nothing is said about the consortium’s offer, nor about the rest of the process.
Air France-KLM waiting
What adds to Air France-KLM in the expectation. The company says that it takes “note of the end of the exclusivity period. The group is examining its options regarding the Italian air transport market and is awaiting further information from the Italian State.”
Why these doubts? Some observers point out the victory in the last legislative elections of the far-right Italian Brothers party, whose leader Giorgia Meloni, who became president of the Council, repeatedly expressed her opposition to this privatization.
Just before the elections, he had also warned that “everything can change and the reactivation of our national airline” will be the responsibility “of whoever governs.” He also warned Mario Draghi (his predecessor) not to make a “hasty” decision on the sale of the public company.
The model proposed by Certares is not unanimous either. The consortium is willing to pay 350 million euros to acquire a 50% stake plus one share in ITA and subsequently invest 600 million euros, according to the Italian press. But Air France would not invest directly in the capital of the Italian airline, content for the time being with being a commercial partner. Insufficient weight for opponents of this proposal.
The return of Lufthansa and MSC?
Air France-KLM has its hands tied by the conditions requested by the European Commission in exchange for public aid received to overcome the Covid-19 crisis, which prevent it from acquiring a stake of more than 10% in a company in the sector.
What to do so that Lufthansa and its partner MSC return to the load? The German company is not only not subject to this restriction, but also, with MSC, it had proposed at the end of August to pay 850 million euros for 80% of ITA.
The Franco-Dutch group had already had plans for Alitalia in the past. In 2009, it acquired a 25% stake in the Italian company before gradually divesting it starting in 2013.
Source: BFM TV
