Ita Airways flies the German flag. Contract to be signed: 40% to Lufthansa: "The company will soon be profitable"

Ita Airways flies the German flag.  Contract to be signed: 40% to Lufthansa: "The company will soon be profitable"

ROME - Ita Airways is also preparing to fly the German flag. In these hours, our Ministry of Economy - so far 100% owner of the national airline - sells a minority stake to Lufthansa, through a preliminary purchase agreement. The announcement, probably, already tomorrow.

To date, the buyer Lufthansa will acquire only 40 percent (thanks to a reserved capital increase). But the goal is to get all of the shares within two years, as provided by an options mechanism. It seems excluded that the Italian State can maintain a minimal quota in perspective.

Relations between the two shareholders (Lufthansa currently holds 40 percent and the Ministry of Economy, 60 percent) will be governed by a Shareholders' agreement (Sha). These shareholder agreements assign the operational management of Ita Airways to the Germans, even if only minority shareholders.

The Board of Directors of Ita - which should have already expired on March 30, 2023 with the approval of the annual budget for 2022 - is preparing to leave the scene. The CEO Fabio Lazzerini will leave the joystick to a manager who is absolutely trusted by the new German partner. Instead, the president will go to the Italian government, at least until the Ministry of the Economy retains the majority of the shares (60%).

Spohr (at Lufthansa) reassures shareholders: "Ita is not Alitalia, it's right to buy it"

by Aldo Fontanarosa

Assessment Concessions

Now, the preliminary contract of sale he will have to pass the examination of three institutional subjects. Our Court of Auditors will evaluate the fairness of the price that the Germans pay.

About the price, it is on this point that the Germans have made concessions. If until a month ago Lufthansa tried to buy 40% of Ita for 250 million, now the amount paid is around 325 million euros.

At the negotiating table, the government and the German group have agreed on the path that can lead to profit the Italian company, born from the ashes of Alitalia. No miracle. However, Lufthansa wants to work immediately for a return to profit within a reasonable time frame.

Lufthansa: "The purchase of Ita Airways benefits us and the Italian economy. Now the EU is giant in the skies"

by Aldo Fontanarosa

Source link