ITA Airways: reading of takeover today
Consideration is being given to armoring privatization with multimillion-dollar withdrawal penalty
Deadlines for submitting updated bids for the takeover of flag carrier ITA Airways expired yesterday at 11:59 pm. The privatization thus gets into full swing with the bids of the two interested cordates: Msc-Lufthansa on the one hand, the Certares fund (with air carriers Delta Airlines and Air France) on the other. And in the meantime, the hypothesis of armoring the sale procedure through the introduction of a withdrawal penalty is gaining ground.
The Ministry of Economy and Finance (Mef) received yesterday, August 22, the new binding offers to buy the majority of the tricolor airline and today the envelopes will be opened. By next week advisors Equita and Gianni & Origoni will send their opinion to the ministry. A couple of days later the assessment will be communicated to Palazzo Chigi, as it is up to the prime minister, Mario Draghi, to make the decision to start exclusive negotiations with one of the parties.
The agreement could be sealed by mid-September. The fear that the next government might change its mind and block privatization, however, alarms stakeholders. Therefore, the proposal to include a million-dollar penalty in case the next Executive withdraws is being considered: there is talk of 5-10 percent of the value of the transaction, thus 42-85 million euros.
On the same topic see also the article published by AVIONEWS.
AVIONEWS - World Aeronautical Press Agency