The negotiation process for the acquisition by Lufthansa of a stake in Ita Airways has entered its final phase, with the deadline to conclude the agreement set for May 12, as reported by various sources to the Corriere della Sera.
Negotiations between the Treasury and Lufthansa, which were initially to conclude on April 24, have been extended to allow for further discussion and fine-tuning of the agreement details. If all goes as planned, the deal could be signed in early May.
The Italian state, the sole shareholder of Ita, and Lufthansa are working to determine the terms and price that will allow the German airline to first acquire a 40% stake in Ita through a reserved capital increase, followed by a subsequent expansion to acquire the remaining 60% or a smaller percentage. The valuation of Ita’s 40% stake has been a controversial topic, as experts suggest it should not exceed 250-270 million euros. To date, the Italian State has invested 1.120 billion euros in the airline.
While the Treasury, Lufthansa, and Ita have remained tight-lipped about the ongoing negotiations, key players on the Italian side have publicly commented on the progress of the deal. Ita’s Chairman, Antonino Turicchi, stated on April 19 that the deal structure is finalized and only minor adjustments remain.
The Minister of Economy, Giancarlo Giorgetti, echoed this sentiment the following day, describing the negotiations as «very advanced,» but acknowledging the complexity of the agreement.
Over the weekend, Prime Minister Giorgia Meloni also weighed in on the matter in an interview with Milano Finanza. Meloni acknowledged the progress made in the deal and noted that the previously impossible situation had been resolved. Meloni emphasized that Lufthansa must ensure Italy remains at the center of its interests and present an effective and expansive industrial plan to support commercial and tourist routes. This aligns with the guidelines of the most recent decree, which orders the transfer of the minority stake.
As the May 12 deadline approaches, all eyes will be on the Treasury, Lufthansa, and Ita Airways as they work to finalize the details of this complex and high-risk acquisition.
