Italy reaches deal with Lufthansa over sale of stake in ITA
Rome and Lufthansa had been locked into over a year of tough negotiations on the price and terms of the deal. ITA emerged from the failed national carrier Alitalia
Rome and Lufthansa had been locked into over a year of tough negotiations on the price and terms of the deal. ITA emerged from the failed national carrier Alitalia in 2020.
Italy has reahced a deal with Lufthansa on the sale of a stake in ITA
Italy has reached a deal with German flag carrier Lufthansa on the sale of a stake in ITA Airways, the Italian government announced on Monday.
The deal still needs to be cleared by the the European Commission.
Rome and Lufthansa had been locked into over a year of tough negotiations on the price and terms of the deal.
Italian media reported that the deal faced a delay last week when Lufthansa requested a discount on the of €10 million ($10.65 million) on the €325 million purchase price of a 49% stake in ITA.
The German airline had pointed to ITA’s expected drop in value in the last quarter of 2024 as the reason for the request for a discount.
Italian Finance Minister Ginacarlo Giorgetti said last week that there had been no change to the original agreement.
“The economic conditions envisaged have not changed with respect to the agreement already signed,” his office said in a statement.
The European Commission set a series of conditions for the sale in June, including the requirement to cede take-off and landing rights to competitors.
The latest sale comes after Lufthansa first bought a 41% stake in ITA in May 2023
Lufthansa had no immediate comment.
