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ITA Airways: agreement with neighboring Lufthansa

The deal could close as early as next week

The negotiation between the German aviation Group Lufthansa and the Italian Ministry of Economy and Finance (MEF) for the privatization of the national airline ITA Airways could be completed shortly in the middle of next week, when the Minister of 'Economy, Giancarlo Giorgetti, in Japan for the G7 together with a delegation from the MEF, has returned home.

This is what some national media report said, according to which the final signing of the agreement document could arrive by May 27th. Currently, the agreement provides for Lufthansa to acquire 40% of ITA Airways through a capital increase of 250-300 million Euros. The draft ITA-Lufthansa business plan expects to reach break-even in 2025 and in 2026, when ITA is expected to produce profits, Lufthansa will consider buying the remaining 60%. 

Meanwhile, on 12 May the shareholders' meeting of ITA also decided to postpone the appointment of the new board of directors until after the closing of the negotiations with Lufthansa. And some indiscretions on the board filter: the executive president Antonino Turicchi and the general manager Fabio Lazzerini (who would leave the current position of managing director) will lead the tricolor company up to the go-ahead from Brussels for the ITA-Lufthansa agreement. 

On the same topic see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency