MSC and Lufthansa are still interested in ITA Airways

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MSC and Lufthansa are still interested in ITA Airways. The company, which operates cruise and transport ships, would seek to “surprise” its competitors in the race to take over Alitalia’s successor airline.

Its main competitors to take over the Italian company are U.S. funds Indigo Partners (which controls several low-cost airlines around the world) and Certares (which is proposing ITA’s partnership with Air France-KLM and Delta Air Lines).

On Thursday, April 7, the privatization process of ITA began. The Government gave the parties ten days to express their interest in acquiring a majority stake in the company. Thus, today (April 18) is the last day to receive letters of intent for the airline.

Next week, the Ministry of Economy will allow competing entities access to ITA’s data room. This is where the company’s confidential information is kept. After analyzing this information, MSC Group – Lufthansa’s ally – will be able to submit a binding purchase offer. The transfer to private hands would finally take place at the beginning of May.

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I will make them an offer they can’t refuse

According to Repubblica, MSC’s offer will be tripartite: 720 million euros (what the Italian state has invested in the company to date), a bonus of between 20% and 40%, and an additional four hundred million euros. This figure was not chosen at random, as it is the amount that the state will have to pay to ITA to enable it to continue operating.

Privatization was originally scheduled for March 31. However, the easing of restrictions by Covid-19 had allowed for a slight recovery of the company’s reserves and cash flow.

The conflict between Ukraine and Russia demolished this improvement. Because of this, ITA announced that, during the budget meeting next April 27, it will ask for those four hundred million euros.

Thus, if MSC’s offer is accepted, the Italian government would end its participation in ITA in balance. It would recover the 720 million it invested in the company. In addition, it would save itself from investing the four hundred that ITA will ask for next week. And, on this, it would take an additional 140 to 280 million euros.

Ismael Awad-Risk
Ismael Awad-Risk
Apasionado de la aviación comercial. Para consultas o pedidos editoriales por favor escribir a redaccion@aviacionline.com // For editorial inquiries or requests please write to redaccion@aviacionline.com

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