The German company will hold 41 percent of the Italian airline's capital, for 325 ...
Agreement signed between the Ministry of Economy and Lufthansa on the future of Ita Airways. First step for total privatization planned by 2027.
The agreement between Europe's largest airline and the Treasury - which owns 100 percent of the carrier born from the ashes of Alitalia - calls for the sale of 41 percent of the shares through a capital increase of 325 million euros. At a later stage Lufthansa is expected to buy the majority of the shares, rising to at least 90 percent
The deal is now being examined by the Italian Corte dei Conti and Antitrust Authority and will then be notified to the European Commission's Directorate General for Competition. Steps that could take months: the eventual final transaction should therefore realistically materialize during next fall.
On the sidelines of the signing, Minister Giorgetti commented, "Today marks the end of a path in the history of the national flag carrier, which led to the prospect of integration with a major European carrier. With this government today we untie a knot that has conditioned the air transport market in Italy for 30 years. We are convinced that this decision will allow the aviation market to develop in the interest of Italy."
For the Lufthansa Group, the note with which the takeover bid was presented stressed, Italy "represents the most important market outside the domestic markets and the United States." In the German airline's plans, explained ceo Carsten Spohr, is the goal to "develop Rome Fiumicino, make it a profitable hub and then consolidate Linate thanks to Ita's strong position."
Following the agreement, the Treasury says in a note, Ita Airways' development strategy will be shared by the two shareholders, Mef and Lufthansa. "Ita Airways," the ministry explains, "aims to establish itself as a key player among full-service carriers in the three sectors of intercontinental, international and domestic, with a focus on long-haul traffic. "This strategic repositioning will also "allow for a greater strengthening of traffic at the Rome Fiumicino hub, which will play a central role in the Lufthansa Group's multi-hub model.
The company's business plan, the note continues, calls for revenue growth of 2.5 billion euros this year and 4.1 billion by 2027. These results "will enable the growth and renewal of the fleet, which will have 94 aircraft at the end of 2027 compared to the current 71, with an average age of five years," while "the workforce, expected at 4,300 this year thanks to the 1,200 hires being finalized, will rise to more than 5,500 at the end of the plan".
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