Lufthansa accelerates on Ita: 200 million euros ready for 40% of the capital

Lufthansa is ready to take over a stake of between 40 and 49% of Ita Airways and then increase it at a later time. The Germans could therefore immediately evaluate the performance of the airline, while the Government – 100% shareholder – would maintain control of the carrier. For 40% of Ita, Lufthansa is offering between 180 and 200 million euros, valuing the company at less than 500 million euros. At the end of October, the American fund Certares was offering around 650 million euros for 49% of Ita. The Germans’ strategy follows the one adopted to take over Brussels Airlines, the Belgian company created in 2006 after the bankruptcy of Sabena.

In 2009 Lufthansa bought 45% of Brussels Airlines with an option to acquire the remaining 55% from 2011 onwards. The acquisition of the remaining shares took place in 2016. In the race for Ita Lufthansa was left alone after MSC decided to leave the game. The shipping giant had presented in tandem with the German carrier an offer for Ita worth around one billion, but the Draghi government had granted exclusivity to the US Certares fund.