Stock Groups

Italy aims to sell ITA Airways by end of next month

[ad_1]

© Reuters. FILE PHOTO: A lady walks previous the emblem of the brand new state-owned Italian provider Italia Trasporto Aereo at Fiumicino airport earlier than a information convention to current the plane’s new fleet, in Rome, Italy, March 1, 2022. REUTERS/Remo Casilli/

ROME (Reuters) – Italy’s authorities goals to promote state-owned ITA Airways by the tip of June after a deadline for binding provides of Could 23, Financial system Minister Daniele Franco stated on Tuesday.

Beneath a authorities decree, Rome plans to privatise ITA via a direct sale whereas retaining a minority, non-controlling stake in a primary stage.

Three potential bidders for ITA Airways have had entry to its finance information room, Franco stated addressing parliament over the problem.

They’re transport group MSC alongside Germany’s Lufthansa, the U.S. Certares fund in cooperation with Delta and Air France, and investor Indigo Companions, Franco stated.

“A key issue is that the customer is at the very least 51% owned by a European participant,” Franco stated.

ITA began flying in October, after changing Italy’s 75-year-old provider Alitalia which was lastly grounded after years of losses and failed rescue makes an attempt.

Beneath an settlement with the European Union, Rome can inject as much as 1.35 billion euros ($1.42 billion) into the provider by 2023. A privatisation deal would due to this fact cut back the monetary help granted by the state, limiting the prices for Italian taxpayers.

($1 = 0.9480 euros)

[ad_2]