The shipping and logistics group and the giant of the skies have decided to join forces and have expressed to the Italian government their interest in acquiring a majority stake, with a minority stake that would remain public. They asked for an exclusivity period of 90 days. Now the proposal will have to be examined by Mef, a 100% shareholder, to then be examined by an upcoming board of directors of the airline.
MSC and Lufthansa could take over the majority of Ita Airways. The shipping and logistics group and the giant of the skies, in fact, have decided to join forces and present an expression of interest, asking for an exclusive period of 90 days. A move that will now have to be examined by Mef, a 100% shareholder, to then be examined by a forthcoming board of directors of the airline.
MSC and Lufthansa have expressed their interest
The move of the two companies was made official by MSC: in a note it announced that it had expressed its interest in acquiring a majority stake in Ita Airways to the Italian government. The goal is “to create a partnership with the Italian government and the Lufthansa company as an industrial partner of the project”, explained the Swiss group managed by the Aponte family. He also made it known that Lufthansa has already expressed his interest in taking part in the initiative. MSC and Lufthansa therefore requested an exclusivity period of 90 working days, subject to regulatory approvals and due diligence.
The confirmation of Ita Airways
Ita Airways confirmed that it had received the expression of interest from the two companies to acquire the majority, leaving the Italian government to keep a minority stake. In fact, Lufthansa would become the industrial partner, while the terms of MSC’s participation in the partnership – as agreed by the shipping company with Lufthansa – will be defined during the due diligence. MSC is the first cargo line management company in the world, as well as having a charter activity and a cruise side.
Lufthansa can go back to making acquisitions
A possible acceleration on the theme of the alliance was in the air: for days, in fact, rumors had been circulating about a squeeze by the German company, which would have been ready to take over 40% of the capital, and the announcement would come this week. A clarification of the company over the weekend, however, had made it clear that before the presentation of the strategic plan expected in the board of directors on January 31 and the opening of the data room in the following days, no news in terms of alliances was conceivable. Indiscretions on which the EU Commission was also consulted, which preferred not to comment on press reports, noting however that Lufthansa, now that it has reimbursed “over 75% of the aid” received by Berlin for its recapitalization, can return to make acquisitions, because the ban imposed in 2020 is now lifted.
The next steps
Ita says it is “satisfied that the work carried out in recent months to offer the best prospects to the company is starting to have the expected results, that is, a company recognized as valid for international partners in both passenger transport and cargo”. A possible partnership with MSC and Lufthansa would lead to integration on the passenger front, on the cargo front, on the charter front, in addition to the synergy on costs and purchases, but would also make it possible to safeguard Malpensa from the point of view of cargo. A privatization operation, guaranteeing Italian character with the maintenance of a public share. Now the ball passes to the Ita shareholder, the Mef, who must give his ok to the expression of interest. The details will then be examined by a forthcoming board of directors of the airline. If there was a green light, the data room could be opened, to which the two companies will have exclusive access for the next three months. The always confirmed objective of the top management of Ita is to define the alliance within the middle of the year.
Source-tg24.sky.it