The acquisition of a 40% stake in ITA Airways by Lufthansa advanced a few more stages this week. The two companies confirmed that they had approved a business plan for the German group to manage the Italian state carrier.
“The Board of Directors of ITA Airways has approved the business plan already shared with Deutsche Lufthansa AG,” said a short statement from the ITA on Thursday.
On the same day, the Minister of Economy and Finance, Giancarlo Giorgetti, had a meeting with the CEO of Lufthansa, Carsten Spohr, and the President of ITA Airways, Antonino Turicchi.
“During the positive conversation, the shared industrial plan was illustrated that will determine the development of ITA Airways in terms of fleet, network and strategic objectives. With today’s meeting, in the wake of the Dpcm, further progress is made towards the industrial partnership between the two carriers,” the government said.
According to Reuters, a final deal could be closed in mid-April. Lufthansa has exclusivity in the acquisition, but it ends on April 24, making room for other interested parties.
Spohr, however, stated that although interest in ITA remains, the amount to be paid for the partial acquisition will need to be reviewed in the face of yet another loss balance for the Italian airline.
ITA announced this week a loss of 486 million euros due to the effects of the pandemic and the increase in fuel costs. Despite this, the company achieved revenue of 1.58 billion euros.
The airline succeeded troubled Alitalia in October 2021 but has been experiencing similar management issues.