The negotiation on Ita, the EU begins: "Society is sustainable and competitive"
Negotiations with the US Certares fund. Focus on hiring, 120 aircraft in 2024
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The start of negotiations between the Ministry of Economy and Finance and the US Certares fund for the sale of Ita Airways is expected this week.
"We are still in the initial stages, but there seems to be an agreement for the sale in a form that would allow the Italian government to still have a strong say on strategic issues concerning the company", says the vice president of the EU Commission and head of competition. Margrethe Vestager . However, he adds, Ita must remain "a sustainable and competitive company in the EU aviation sector".
The exclusive negotiation, which should last a couple of weeks, is aimed at the purchase of 50% of Ita plus a share for 700 million euros . In view of the elections on 25 September, the Draghi government aims to define an agreement before the elections, in the form of a memorandum of understanding or preliminary sale.
There might also be a stalemate . When the Mef announced that it had selected the US fund for the exclusive negotiation, to the detriment of MSC-Lufthansa, it specified that the "conclusion of the exclusive negotiation" will proceed with the signing of binding agreements "only in the presence of fully satisfactory contents for the public shareholder ". The ball, for the final closing, will pass to the new government and the operation must also have the green light from the EU Antitrust .
THE PLAN - From what transpires the Certares business plan "is consistent" with the previous Lazzerini plan (CEO of Ita) and also "improvement" with a great focus on hiring and an increase in the number of aircraft , to 80 in the first year and then to 120 in 2024 in order to strengthen long-haul routes, particularly those to the rich North American market.
Fiumicino airport would have a central role , as the third hub in continental Europe, together with Amsterdam and Paris. On governance and acquisition we will work to fine-tune the details: the timing of the capital increase, which will bring the value of Ita to 1,950 million, with two capital increases subscribed respectively by the ministry (650 million) and by Certares ( 600 million), and the due dates of the payment which is expected to be made in installments. With a substantial stake in hand, the Treasury would keep two out of five members on the board of directors , will be able to express the president of Ita and express its satisfaction with the future CEO of the company.
(Unioneonline / D)
