The last details are still missing for the agreement between Mef and Lufthansa for the purchase of 40% of Itaú but the parties, according to which filters, would not be far from concluding the negotiation. One week after the end of the extension granted by the Treasury (owner of 100% of the former Alitalia) for the exclusive dialogue with the German airline giant, technicians and lawyers are working to refine the final aspects of the agreement. The dossier is surrounded by reservations and precautions, given the bets: the third world company would start the privatization process of the Italian flag carrier. The issue was also discussed yesterday at the G7, in Hiroshima, during a meeting between the Prime Minister, Giorgia Meloni, and the German Chancellor, Olaf Scholz. Italian sources specify that it was a discussion on industrial issues, on the synergies that can be opened between the two largest industrialized countries in Europe. The price, according to several sources, should have already been fixed between 250 and 300 million euros, the final discussion would focus mainly on the management details linked to the phase following the purchase. In recent days, the Frankfurter Allgemeine has recalled the legal issues that are still open, such as the possible dispute between former Alitalia employees for reintegration into Itaú, even though it is a company created from scratch and with a year and a half of activity.
During the week, the Minister of Economy, Giancarlo Giorgetti, again said he was “optimistic” about the negotiations. At Mef, according to the filters, every week is considered valid for announcing the final result, with the expectation of a positive result. Lufthansa, CEO Carsten Spohr said in recent days, sees “good prospects” for the positive conclusion of the discussion. «Itaú is a new company, not to be confused with the old Alitalia, it was born in 2020 and has a good positioning. In dialogue with the Italian government and then with the European Commission, which will have to approve a possible agreement, we see good prospects for Itaú to become part of our group», Spohr highlighted during the shareholders’ meeting. The manager then specified: “We haven’t reached an agreement yet, however, Lufthansa’s financial risk should initially be limited to the possible capital contribution to acquire a minority stake in Itaú”.
The German aviation giant’s portfolio already includes Austrian, Swiss, Brussels Airlines and Eurowings. The purchase of Itaú would allow the carrier to expand its operations in one of the continent’s most receptive markets for tourism, Italy, and expand routes to southern Europe. In addition, after Ita, Lufthansa can also look to Tap Portugal, looking for buyers after the years of the Covid pandemic tried the accounts of the Lusitanian carrier. If the agreement to start the privatization of Itaú arrives, the next step would be to send the papers to the EU Antitrust, which may take some months to formulate its assessments.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
