Italy: Government does not want to give up control of Ita Airways
Lufthansa is the only interested party left to join the airline Ita Airways. The deadline for negotiations leading to a purchase agreement has already expired. Now both parties have given themselves a grace period up to and including May 12, 2023. The talks are on the right track and a positive conclusion is expected. However, there are still disagreements. This is particularly the case in the second phase, as the Kranich Group initially wants to join as a minority shareholder. Following the example of the takeover of Brussels Airlines, the aim is to gradually increase the stake and buy Ita Airways completely in several stages. However, the Italian government wants to stay on board and, according to local media reports, this point is still being discussed quite emotionally. Ita President Antonio Turicchi is of the opinion that the basic structure is in place, but that some details still need to be negotiated. This is a very simplified representation of the current situation, because according to a report by the usually well-informed “Il Sole 24 Ore”, it is about much more than just “some details”. Specifically, Lufthansa wants to gradually take over the Italian carrier completely, but the Ministry of Finance insists that at least a minority share remains in the hands of the state. Initially, the plan is for the Kranich Group to take a 40 percent stake. In financial terms: A capital increase at Ita Airways is to bring in around 250 million euros. Lufthansa would then have to pay this in. It is currently assumed that Ita Airways will break even in 2025. The Kranich Group then wants to take control of the carrier. Italy wants







