ROME (Reuters) – Italy’s finance ministry said on Friday it had signed a letter of intent with Lufthansa for the sale of a minority stake in state carrier ITA Airlines, paving the way for talks with the German carrier. the way.
Last week, Lufthansa offered to buy a minority stake in the loss-making successor to Italian airline Alitalia, saying Italy was an important market for business travelers and tourists.
Details of the offer were not disclosed, but people familiar with the matter say Lufthansa is targeting a % stake in ITA at a valuation between Between 98-98 million euros ($300. million).
Lufthansa said on Friday it had signed a letter of intent with the Italian Ministry of Economy and Finance and ITA airline.
“Both parties will now start on a possible engagement structure,” the Lufthansa statement said.
The Italian Ministry of Finance and German Airlines said they would not disclose further information about the talks.
Rome’s new right-wing government passed a decree in December to sell a minority stake initially through a capital increase to hasten the full divestment of ITA.
In a statement last week, the German company – which already operates Swiss, Austrian Airlines and Brussels Airlines – Lufthansa said it planned to agree to an option to buy the remaining ITA stake at a later date.
According to the terms of the bidding process, Lufthansa must ensure that the main Italian hub will be developed and that ITA will be able to enter strategic markets and increase its long-haul routes.
($1=0.9203 Euro)
