The Italian government on Wednesday announced that it has chosen a bid by US investment fund Certares, in partnership with Delta Air Lines and Air France-KLM, for exclusive talks to take over national carrier ITA Airways.
The trio placed one of two bids in May for the acquisition of the Italian airline.
Advertisement
In a statement, the Italian Treasury, which controls the business, said this offer was deemed “more respondent to [the government’s] objectives”.
Germany’s Lufthansa and Swiss-Italian shipping conglomerate MSC had also expressed interest in acquiring a majority stake.
According to reports, those close to the negotiations between the Treasury and the two groups of contenders said that an expansion into the US market proposed by Certares, Delta and Air France-KLM had been deemed more attractive and potentially profitable.
Advertisement
Check prices and Book Cheap flights and hotels Now
Under the offer, the Treasury would maintain a 40 per cent stake in ITA Airways, while Certares would own the controlling 60 per cent stake. Delta Air Lines and Air France would be ITA’s commercial partners and could acquire up to 20 per cent of the company at a later stage.
The plan to potentially sell ITA Airways to an investor group was opposed by Giorgia Meloni, the leader of the right-wing bloc, who is expected to win next month’s general elections.
“I don’t understand why the Italian government deliberately chose to move forward without waiting for the next government,” Meloni told reporters at a campaign event Wednesday in Pescara, Italy.
“We’ve spent billions on the airline and now we’re handing it over to foreign funds without an industrial plan for the airports.”
