Ita Airways, green light from the Court of Auditors to the Tesoro-Lufthansa-Corriere.it agreement
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The Court of Auditors has registered the act of approval of the agreement for the sale of a minority stake in Ita Airways to Lufthansa. With this formal passage, the dossier aiming at relaunching the Italian carrier will be sent to Brussels in the next few days for evaluation by the EU Antitrust.
The stages
As known, the contract – signed by the Germans, by the president of Ita Antonino Turicchi and in the last few hours by the Treasury – provides for the two-year period 2023-24 that Lufthansa will acquire a stake equal to 41% of the share capital of Ita Airways against an investment of 325 million euros. In the following years, and upon the achievement of certain industrial objectives, Lufthansa will be able to acquire a further 49% from the Mef (for 325 million euros plus 100 million earn-out) and finally the remaining 10% for 79 million euros.
The prospects
In a recent chat with the Courier Lufthansa CEO Carsten Spohr explained that their plans have no intention of challenging low-cost airlines on the domestic market in Italy: the goal is to make Ita Airways an international carrier increasingly focused on intercontinental connections between Italy and the rest of the world. The markets that are being looked at the most are South America, Africa and a part of Asia, as well as the Middle East.
In Europe
The registration of the agreement by the Court of Auditors follows the announcement of the agreement, on May 25, then the signatures on the deed affixed first by the head of Lufthansa, by the president of Ita Turicchi and by the director general of the Treasury Riccardo Barbieri Hermitte. Lufthansa’s recovery plan will be evaluated in the coming weeks in Brussels by the Directorate General for Competition led by Commissioner Margrethe Vestager.
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