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ITA Airways (2): Government seeks industrial partner

Lazzerini: "Working with Lufthansa in a very collaborative way, sharing information"

The new decree recently approved by the Council of Ministers, which accelerates the privatization procedure of ITA Airways, provides for three main changes: the Ministry of Economy and Finance (MEF) will be able to sell the majority of the capital; for the purposes of the sale, an industrial plan of the candidate buyer based on growth (strengthening national airport hubs, more long-haul routes, entry into strategic markets) is relevant; the controlling capital will have to be held by an airline.

Regarding the sale of ITA Airways, there is a speech by the MEF minister, Giancarlo Giorgetti, who allegedly stated in the council of ministers: "We are looking for an industrial partner to make it work". He was the one who gave a turning point to the privatization process: first by not extending the exclusive negotiation on October 31st with the US fund Certares, then by reopening the data room at Lufthansa on November 16th. Today he personally follows the dossier.

Meanwhile, the managing director of ITA Airways, Fabio Lazzerini, confirmed: "We are working a lot with Lufthansa, in a very collaborative way, we are sharing information with them", but for the sale "how much share and in which way the ministry will decide of Finance", he said on the sidelines of a meeting at the "Pietro Savorgnan di Brazzà" airport of Gorizia-Ronchi dei Legionari.

The purchase price must take into account the value of the company's net assets. The shareholder agreements between the Mef and the buyer of ITA Airways must provide that the ministry, until the eventual definitive exit from the capital, has governance rights such as to ensure adequate supervision over the relevant decisions for the pursuit of the expansion objectives and industrial development of the airline.

Gic - 1248571

AVIONEWS - World Aeronautical Press Agency