We have witnessed a “new step forward in the industrial partnership between the two carriers”. Behind the language of the Italian Treasury, there is confirmation of the entry of the Germans into the company born from the ashes of Alitalia. It remains, all the same, to agree on the final sale price.
Lufthansa CEO met with Italian finance minister
Economy and Finance Minister Giancarlo Giorgetti met Lufthansa CEO Carsten Spohr and Ita Airways Chairman Antonino Turicchi at the ministry today.
“During the conversation, the industrial plan was defined. It will determine the development of Ita Airways in terms of fleet, network and strategic objectives. This meeting ensures that the German group is now well placed to absorb the Italian company.
It will be necessary to agree on the selling price of ITA Airways
The last real obstacle is the valuation of the Italian carrier, now under public control, of which the Germans will buy 40%. The indiscretions of the last few weeks attributed a value between 250 and 300 million euros. “Obviously, Spohr explained, ITA Airways lost money and that should be reflected in the valuation.
This is the last real obstacle in the discussions. The Italian company lost nearly 500 million euros in 2022. It continues to lose in 2023.
The final signing is expected to take place on April 23, 2023.
A victory for Germany and Italy
The German carrier has long argued that Ita’s landing in the Lufthansa Group represents a “victory” for Germany and Italy. It is clear that the German group represents an important pillar. Air France will have to speed up its discussions with TAP Air Portugal in order to avoid isolation.