Italy agrees with Germany's Lufthansa to acquire stake in ITA Airways
Date
11/13/2024 7:39:12 AM
(MENAFN) The Italian government has reached a deal with Germany's Lufthansa for the German airline group to acquire a minority stake in Italy’s ITA Airways, according to Italy's Economy and Finance Ministry. This agreement is a significant step toward finalizing the acquisition, with both parties having submitted a package of remedies to the European Commission. These measures are necessary to secure approval from the European anti-trust authorities for the merger.
The Italian Ministry expressed confidence that final approval from the European Commission will be granted, allowing the deal to proceed as planned. It emphasized that the economic terms of the agreement remain unchanged from the previously signed deal. This marks a pivotal moment in the merger process, which has been under negotiation for several years.
Earlier in July, the European Commission had already approved the merger between ITA Airways and Lufthansa, paving the way for further developments. The negotiations between Italy and Lufthansa have been ongoing since 2020, and in 2023, the two sides reached an agreement for Lufthansa to purchase a 41 percent stake in ITA Airways.
This acquisition is expected to strengthen Lufthansa’s position in the Italian aviation market, consolidating the collaboration between the two airline companies and further integrating them into the broader European aviation network.
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