The Economy and Finance Ministry
(MEF) and Lufthansa reached a breakthrough in talks late on
Monday to overcome a problem that had put the German company's
merger with ITA Airways on ice. The Treasury said the economic
conditions envisaged in the 2023 contract for the merger "have
not undergone any changes". As a result of the breakthrough, the
documents for the operation have been signed and sent to the
European Commission for final approval.
According to an agreement reached last year, the German
airline is acquiring from a 41% stake in ITA from MEF through a
325-million-euro capital increase, with the stake set to rise to
100% in a second phase - by 2033 - for a total investment of 829
million. But the deal was put on hold last week after the German
group reportedly asked for a reduction of around 10 million
euros on the second tranche of just over half a billion euros.
The MEF owns ITA, the company that replaced the loss-making
former flag-carrier Alitalia in 2021.
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