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ITA Airways to open data room for privatisation next week

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© Reuters. FILE PHOTO. The new Italian state-owned carrier Italia Trasporto Aereo’s logo is displayed on an aircraft with the blue livery, at Fiumicino Airport, before the news conference in Rome to announce the plane’s new fleet. REUTERS/Remo C

MILAN, (Reuters) – State-owned ITA Airways will release its financial data to potential suitors beginning next week, according to two sources. The move is part of an Italian government’s attempt to accelerate the privatisation process for Alitalia.

Reuters received confirmation from sources that three of the consortia interested in purchasing a majority share in the airline were admitted to ITA’s Data Room despite a request by MSC shipping group for exclusive discussions.

MSC joined forces with Lufthansa Germany and submitted a bid for the airline in January. It indicated that it was willing to pay more than 1 million euros ($1.14 billion).

According to sources, the interest expressed by U.S. funds Certares as well as Wizz Air investors Indigo Partners has also been reported recently.

ITA took over Alitalia’s flight in October. After years of losses in financial terms and unsuccessful rescue attempts, ITA has been grounded permanently.

Last month the Treasury picked Equita and Gianni & Origoni as financial and legal advisers for the privatisation of ITA Airways, which is fully owned by the government.

JPMorgan (NYSE) and Mediobanca, (OTC) have been hired by the carrier for their assistance in finding private investors.

($1 = 0.9217 euros)

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