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ITA Airways: details on the two bids

Indiscretions on the proposals of Msc-Lufthansa and the Certares fund

After the deadline for submitting binding offers for the takeover of flag carrier ITA Airways expired, now the Italian Ministry of Economy and Finance (Mef) is working to evaluate the two proposals that were formalized on May 23. The decision will come within two weeks. The winning bidder, Msc-Lufthansa or the Certares fund, will be known in early June. The contract will be signed by June 24, then the sale of the majority shares between September and December. 

According to the Italian newspaper "Il Corriere della Sera", which cites institutional sources, the Certares fund has offered a total of 800-850 million euros in partnership with Air France (120 million) and Delta Air Lines (100-150 million). The proposal, however, would be purely financial, that is, devoid of specific commercial developments. 

Currently, the leading bid would be that of the Italian-Swiss shipping group Mediterranean Shipping Company (Msc) and the German airline Lufthansa. These would put about 200 million euros more on the table than their rivals. The proposal would aim at acquiring 80 percent of ITA Airways (60 percent to Msc and 20 percent to the German airline), valuing it at 1 billion euros, and leaving the Italian government with a 20 percent share, amounting to about 200-300 million. 

On the same topic see also the article published by AVIONEWS

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AVIONEWS - World Aeronautical Press Agency