Lufthansa submits offer to acquire stake in ITA
Plan is to agree on initial acquisition of minority stake as well as on options to purchase remaining shares later
Deutsche Lufthansa AG is aiming to acquire a stake in the Italian national carrier ITA Airways (Italia Trasporto Aereo S.p.A.).
"The plan is to agree on the initial acquisition of a minority stake as well as on options to purchase the remaining shares at a later date," says a release from Lufthansa.
"Today, the company submitted an offer to the Italian Ministry of Economy and Finance (Ministero dell'economia e delle finanze) to conclude a Memorandum of Understanding (MoU) in this respect. Contingent on both parties signing this MoU, further negotiations and discussions would be conducted on an exclusive basis."
The talks would primarily focus on the form of a possible equity investment, the commercial and operational integration of ITA into the Lufthansa Airline Group as well as resulting synergies. In case a binding agreement is reached, its implementation would be subject to approval by the relevant authorities, the release added.
"For Lufthansa Group, Italy is the most important market outside of its home markets and the U.S. Italy’s importance for both business and private travel lies in its strong export-oriented economy and status as one of Europe’s top vacation spots," the release said.
