Euro News Source
No Result
View All Result
Sunday, May 22, 2022
  • Login
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videosnew
Subscribe
Euro News Source
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videosnew
No Result
View All Result
Euro News Source
No Result
View All Result
Home News Italy

Italy sets course for ITA Airways sale by end of next month

by Francesco Mazzagatti
May 10, 2022
in Italy
A A
0
152
SHARES
1.9k
VIEWS
FacebookTwitterLinkedin

ROME (Reuters) – Italy’s government aims to sell state-owned ITA Airways, the successor to Alitalia, by the end of June after setting a deadline for binding offers of May 23, Economy Minister Daniele Franco said on Tuesday.

Three prospective bidders for ITA Airways have had access to its finance data room, Franco said addressing parliament over the issue.

They are shipping group MSC alongside Germany’s Lufthansa, the U.S. Certares fund in cooperation with Delta and Air France, and investor Indigo Partners, Franco added.

Under a government decree, Rome plans to privatise ITA through a direct sale while retaining a minority, non-controlling stake in a first stage.

MSC in January requested an exclusivity period of 90 days to iron out details of an acquisition, but Rome opted for a market-based procedure aimed at keeping the door open to other potential suitors.

“The outcome of the negotiations is not a foregone conclusion. We will examine the three offers in a transparent way, there is no decision on our part at present,” Franco said adding a key factor is that the buyer is at least 51% owned by a European player.

Lufthansa is interested in taking a minority stake in ITA, leaving the majority to MSC, the airline said in remarks during its shareholders meeting on Tuesday.

It added, however, that the review of ITA’s financial data would be important to confirm this preliminary intention.

If the deal does go through, Lufthansa aims to build a close commercial cooperation with ITA and expects synergies to make the investment profitable in the long term, the carrier said.

Under an agreement with the European Union, Rome can inject up to 1.35 billion euros ($1.42 billion) into the ITA by 2023. A privatisation deal would potentially reduce the financial support granted by the state, limiting the costs for Italian taxpayers.

Last year the Treasury paid a first tranche of 700 million euros and it is due to inject an additional 400 million euros this year, with another 250 million euros scheduled for next year.

“The 400 million euro contribution is due and will be disbursed when necessary. ITA does not currently have a cashflow problem,” Franco said.

($1 = 0.9480 euros)

Additional reporting by Zuzanna Szymanska in Berlin; Editing by Keith Weir

Source: Reuters

Tags: AAirlines (NEC) (TRBC level 5)Airlines (TRBC level 4)Airport Operators (TRBC level 5)Airport Operators & Services (TRBC level 4)AIRWAYSCompany NewsCorporate EventsDealsEconomic News (3rd Party)Euro ZoneEuropeFinancials (Legacy)FranceGeneral NewsGermanyGovernment / PoliticsGovernment FinancesIndustrials (TRBC level 1)ITAItalyMMergers / Acquisitions / TakeoversNetherlandsPassenger Transportation Services (TRBC level 3)Private Equity (TRBC level 5)Reuters Top NewsTransport Infrastructure (TRBC level 3)Transportation (TRBC level 2)United StatesWestern Europe

Related Posts

Italy

Three Italians kidnapped in southern Mali

May 21, 2022
Italy

Three Italians kidnapped in southern Mali, church says

May 20, 2022
Italy

Parthenon fragment from Italy can stay in Greece “forever”, Greek ministry says

May 20, 2022
Italy

Soccer-RedBird frontrunner for AC Milan deal after Investcorp hits pause

May 20, 2022
Italy

Soccer-Investcorp suspend talks in AC Milan bid race

May 20, 2022
Italy

Italy confirms two more monkeypox infections, brings total cases to three

May 20, 2022
  • Trending
  • Comments
  • Latest

Woman livestreams fatal stabbing of half-sister

October 25, 2021

Prison sentences for protestors who pray outside abortion clinics in Spain

February 4, 2022

Investigation opened into porn video recorded on altar of Flemish church

November 3, 2021

EU launches ‘Global Gateway’ to counter China’s Belt and Road

September 15, 2021
Freedom Day

Freedom Day

0
Fire Accident

Fire Accident In Iraq

0
Scotland

Advice from the Scotland Prime Minister

0
Brexiteers

Brexiteers Should Thank The EU

0

Monaco condemned to Champions League participate in-off round as Lens hit late equaliser

May 22, 2022

Marseille set four past Strasbourg to affirm Champions League soccer in type

May 22, 2022

Kylian Mbappe extends Paris Saint-Germain contract right up until 2025 in hammer blow to Actual Madrid

May 22, 2022

Pole placement holder Charles Leclerc warns of Verstappen menace at Spanish Grand Prix: ‘Max is just behind’

May 22, 2022

Recent Posts

Monaco condemned to Champions League participate in-off round as Lens hit late equaliser

May 22, 2022

Marseille set four past Strasbourg to affirm Champions League soccer in type

May 22, 2022

Kylian Mbappe extends Paris Saint-Germain contract right up until 2025 in hammer blow to Actual Madrid

May 22, 2022

Pole placement holder Charles Leclerc warns of Verstappen menace at Spanish Grand Prix: ‘Max is just behind’

May 22, 2022

‘Attacks financial stability of European football’ – La Liga hit out at Kylian Mbappe PSG offer

May 22, 2022

Priti Patel to urge MPs to halt utilizing ‘mob rule’ and assist new policing powers

May 22, 2022

Recent Posts

  • Monaco condemned to Champions League participate in-off round as Lens hit late equaliser
  • Marseille set four past Strasbourg to affirm Champions League soccer in type
  • Kylian Mbappe extends Paris Saint-Germain contract right up until 2025 in hammer blow to Actual Madrid
  • Pole placement holder Charles Leclerc warns of Verstappen menace at Spanish Grand Prix: ‘Max is just behind’
  • ‘Attacks financial stability of European football’ – La Liga hit out at Kylian Mbappe PSG offer

Categories

  • Austria
  • Bahamas
  • Belarus
  • Belgium
  • Breaking News
  • Brexiteers
  • Business
  • China
  • COVID Cases
  • Covid-19
  • Cyber security
  • Debt
  • Economics
  • Energy
  • England
  • Fashion
  • Fire Accident
  • France
  • Freedom Day
  • Germany
  • Health
  • Human Launch
  • Humanitarian
  • Ireland
  • Italy
  • Netherlands
  • News
  • Norway
  • Opinion
  • Politics
  • Refugees
  • Russia
  • Russia
  • Rwanda
  • Saudi Arabia
  • Scotland
  • Scotland
  • Spain
  • Spanish-Flu
  • Sports
  • Switzerland
  • Travel
  • Ukraine
  • United Kingdom
  • Videos
  • Wales
  • Zambia

Site Navigation

  • About
  • Advertise
  • Guest Post
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
Euro News Source

Euro News Source is one of the best sources of European News. We provide the latest news from the European Union and its member states, local and international political, economic and sports news. Follow us to receive all news from around the European Union.

© 2021 Euro News Source.

No Result
View All Result
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videos

© 2021 Euro News Source.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?