ITA Airways (AZ, Rome Fiumicino) has approved a 2023-2027 business plan based on its discussions with Lufthansa (LH, Frankfurt International) with Rome having assessed talks on a tie-up between the two flag carriers as “positive”. A deal on the future of the Italian carrier could be signed around April 20.
Following talks in Rome on March 30 between Economy and Finance Minister Giancarlo Giorgetti, Lufthansa CEO Carsten Spohr, and ITA Airways Chairman Antonino Turicchi, ITA released a brief statement saying simply: “The Board of Directors of ITA Airways has approved the business plan already shared with Deutsche Lufthansa AG.” Details of the plan have not been disclosed.
The ministry said in its own note, as quoted by the Italian news agency ANSA, that “further progress has been made in the direction of the industrial partnership between the two carriers.” A “positive conversation” had focused on “the shared business plan that will determine the development of ITA Airways in terms of its fleet, network, and strategic objectives.” Lufthansa has not commented on the developments.
The news confirms reports that surfaced a month ago that a business plan would be signed in the second half of March, making it another step towards the sale of a minority stake to the German airline.
Lufthansa is seeking to initially buy 40% of ITA Airways, with local reports suggesting the stake could be worth EUR200-250 million euros (USD218-272 million). Financial records show that state-owned ITA lost EUR486 million (USD529 million) in 2022.
Government sources told the newspaper Corriere della Sera on March 30 that an agreement could be closed between April 19 and 21. An exclusivity period for Lufthansa ends on April 24, although this deadline is not binding. There are no longer any major obstacles in the ongoing talks, the sources said. The ITA Airways dossier will then be sent to the relevant regulatory authorities such as the European Commission for the final nod, expected at the end of July or the beginning of August.
