Agency Report –
Frankfurt – German aviation giant Lufthansa Group is set to take a stake in Italian state-owned airline ITA on January 13 following years of negotiations over a deal, dpa has learnt.
Lufthansa chief executive Carsten Spohr confirmed the date during an employee event, according to information obtained by dpa on Wednesday morning.
ITA and the Italian government have yet to officially confirm the date.
Lufthansa is to initially acquire a minority 41% stake in ITA for a capital contribution of €325 million ($335 million).
Under agreement with the Italian Ministry of Economy and Finance, the German company can then take over the Italian airline entirely in two further steps by 2033, possibly for another €830 million currently under discussion.
The European Commission has been closely monitoring the takeover and has imposed extensive conditions to ensure competition is preserved both regarding European flights as well as intercontinental connections.
For the deal to be given the green light by the EU’s executive arm, Lufthansa had to cede take-off and landing rights at the airports in Milan and Rome, where British low-cost airline Easyjet plans to start operating from spring.
Lufthansa also had to conclude agreements with its competitors Air France-KLM and the IAG group – which includes British Airways and Spanish carrier Iberia – to fly their passengers from Italy to the transport hubs of Paris and London under preferential conditions.
