ITA Airways has worked out the main elements of a partial takeover deal with Lufthansa and hopes to announce it soon, the chairman of the state-controlled Italian airline has said.
Previously Said By Sources
Sources have previously said the German carrier is negotiating with Rome over the purchase of a 40% stake in ITA, valued at around €200 million, with the idea of buying the rest at a later stage.
The Negotiating Process
"The structure of the deal is defined and the fact that some of the details might change is part of the negotiating process," chairman Antonino Turicchi told reporters.
"The Course Is Set"
"The course is set," he added, speaking on the sidelines of a presentation of a new aeroplane at Rome's Fiumicino airport.
Talks "Well On The Way"
A Lufthansa spokesperson said talks were "well on the way" but declined to comment further.
Exclusivity Period End Date
The exclusivity period for talks between ITA, the successor to bankrupt Alitalia, and Lufthansa ends on April 24, although the deadline is not binding.
Statement By Lufthansa CEO Last Month
Lufthansa CEO Carsten Spohr said last month that final negotiations were focussing on price, given the ongoing losses at the Italian carrier.
Loss Last Year
ITA, which says it is still in a start-up phase, posted a loss of around €486 million last year due to the lingering effects of the pandemic and rising fuel costs.
Read More: ITA Airways Averts Strike After Wage Increase Accord With Unions
News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.
