Italy and Lufthansa Group have resolved a last-minute impasse that had threatened to jeopardise the partial sale of ITA Airways (AZ, Rome Fiumicino), with the Ministry of Economy and Finance (MEF) confirming that a final package of remedies submitted to Brussels is in line with the original agreement from July 3, 2023.
In a short statement issued late on November 11, the MEF confirmed it had sent corrective measures to the Directorate-General for Competition at the European Commission in Brussels and that there were "no changes to the economic conditions already agreed".
"We confidently await the final approval of the European Commission to proceed with the closing of the operation. The economic conditions envisaged have not undergone changes compared to the agreement already signed," the ministry confirmed.
Lufthansa Group confirmed to ch-aviation on November 8 that it was adhering to the 2023 agreement with the MEF to acquire a planned initial 41% stake in ITA Airways. The company also underlined that it had signed the necessary remedy package by the agreed deadline.
On November 12, a Lufthansa spokesperson told ch-aviation that the German carrier had submitted a package of remedies and said it was confident that European regulators would approve the package in the coming weeks. A spokesperson elaborated to the news agency Reuters on November 12 that "Lufthansa has found a solution to the points under discussion with the MEF in recent days."
This followed reports last week that the transaction was at risk of collapsing over a clause related to Lufthansa Group's payment following ITA's first capital increase. The Lufthansa parent reportedly sought to reduce the second tranche payment of EUR603 million euros (USD650 million), citing a decline in ITA's value.
The planned acquisition can only proceed once the European Commission approves "remedy takers" for certain routes. easyJet, Air France-KLM, and IAG International Airlines Group are expected to take over airport slots that Lufthansa Group carriers and ITA Airways must relinquish to maintain competition.
