ITA Airways, the successor to Alitalia, and Lufthansa moved a step closer to marriage on Thursday, agreeing an industrial plan that envisions the development of the Italian company in the event of a takeover by the German airline giant. “The common industrial plan that will determine the fleet, the network and the strategic objectives of the development of ITA Airways” was the focus of a meeting in Rome between the head of Lufthansa, Carsten Spohr, and the Italian Economy Minister, Giancarlo Giorgetti, according to a statement from Ministry press.
This industrial plan, “already shared with Lufthansa”, was approved on Thursday by the board of directors of ITA Airways, 100% owned by the Italian state, according to a separate press release issued by the company.
A 40% stake in 200 million euros
Rome and Lufthansa had opened exclusive negotiations at the end of January on the acquisition by the German airline group of a minority stake in ITA Airways. Carsten Spohr traveled to Rome to speak with Giancarlo Giorgetti and ITA Airways Chairman Antonino Turicchi about the ongoing negotiations.
The last question to be resolved was the amount of the transaction, Carsten Spohr said Wednesday on the sidelines of a conference in Brussels. According to the Italian press, Lufthansa covets a 40% stake, initially valued between 250 and 300 million euros and later revised downwards, to around 200 million euros. “ITA has lost public money”, which affects its valuation, “which remains the last real obstacle in the discussions,” Carsten Spohr argued on Wednesday. He was speaking the day after ITA Airways posted a net loss of 486 million euros in 2022, due to the lingering effects of the Covid-19 pandemic and rising kerosene prices.
Exclusive negotiations are expected to last a maximum of 60 business days, that is, until April 24. “We are convinced that we will be able to sign in the exclusivity period”, underlined Carsten Spohr.
Source: BFM TV
