“Great satisfaction” was expressed by Giovanbattista Fazzolari, undersecretary for the execution of the government program, regarding the approval of the merger between Itaú and Lufthansa. The green light for the operation, as announced, provides conditions to protect competition at Milan-Linate airport, on short-haul routes between Italy and Central Europe, and on long-haul routes between Fiumicino and North America by opening up to rival companies. The German ski giant will acquire a 41% stake in Itaú from its shareholder Mef through a capital increase of 325 million euros, and then in a second phase – by 2033 – to 100% of the new company born from the ashes of Alitalia, for a total investment of 829 million euros.
“There is great satisfaction with the resolution of a case that has been dragging on for decades. The agreement between Ita Airways and Lufthansa is extremely positive, as it combines the industrial and labor protection of the Italian company with the defense of the national interest, guaranteed by the presence of the Italian State with a quota for the period of implementation of the plan. Thanks to the fruitful work of all the actors involved, and in particular to the current management of Ita Airways, Italy will now have a company with its accounts in order and a solid growth prospect. Furthermore, Italian taxpayers will finally stop paying out of their own pockets for the management inefficiencies of the past,” said Giovanbattista Fazzolari.
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.