Ita Airways, overtaking at the Certares photo finish: the turning point
Resounding “change of course” on the sale of Ita Airwayssurprisingly the treasure chose the fund Certares instead of the consortium Msc-Lufthansa, despite some of the advisors were inclined to indicate the giant of the cargo and the German giant. According to Mef – reads the Messenger – the best offer comes from USA fund and it was therefore Certares the choice indicated at Palazzo Chigi. It is a turnaround compared to the indications of the last few days which gave the tandem as favorite, on the recommendation of a part of the advisors Msc-Lufthansawho had first stepped forward to purchase the carrier, devising a far-reaching plan with synergies in the freight transport And passengers.
Now – continues the Messenger – it will be up to the president Mario Draghi start, as insured at the end of July, the exclusive negotiation. It must be said that the start of the negotiations does not mean that the operation is concluded. In fact, it will be up to the new executiveafter the green disc of the EU Antitrust, put the final stamp or overturn the decision process. Be that as it may, to make the hand lean towards Certares would have been the guarantees on the front of the governance. Compared to Msc-Lufthansa, Certares offered approx 600 million for a share close to 56 percentleaving 44 percent in the hands of the Mef, which would thus have two seats on five of the future board of directors of privatized Ita.
The official press release
The Ministry of Economy and Finance announces that, ad outcome of the procedure governed by the Prime Ministerial Decree of 11 February 2022 and aimed at transfer of control of ITA SpA., a negotiated exclusively with the consortium formed by Certares Management LLC, Delta Airlines Inc. and Air France-KLM SA, whose offer was deemed more in line with the objectives set by the DPCM. At the conclusion of the exclusive negotiation, binding agreements will be signed only if the contents are fully satisfactory for the public shareholder.
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