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ITA Airways valued about 950 million euros

First rumors about the contents of the purchase offers

Deadlines for submitting the two new binding bids to purchase a majority stake in air carrier ITA Airways closed the day before yesterday. These are the first rumors about the contents of the envelopes with the proposals: both ropes -Msc-Lufthansa and the US fund Certares (with the airlines Delta Air Lines and Air France)- value the company at around 950 million euros.

The indiscretion is reported by the Italian daily newspaper "Il Corriere della Sera", which cites ministerial sources. The new offers also state that Msc-Lufthansa wants to take over 80 percent of ITA Airways (60 percent to the Italian shipowner, 20 percent to the German carrier), while Certares reduces its share to 55-57 percent, leaving the other part to the Italian state. In addition, there is an economic difference of 210 million euros between the two offers.

The Italian Government has to decide whether to gain more by keeping less shares (by negotiating with Msc-Lufthansa) or to cash less but have more decision-making weight in the airline (Certares Fund's proposal). Msc-Lufthansa's is a pure privatization that would also include a 100 million euro performance bonus for the state. Certares's is a co-management that is to be "apolitical". 

An initial meeting on the dossier is expected today at Palazzo Chigi. According to rumors, in case the negotiations blow up, the state may have to repay 170-190 million.

On the subject see also the article published by AVIONEWS.

Gic - 1246445

AVIONEWS - World Aeronautical Press Agency