(Finance) – The countdown for the presentation to the Treasury of binding offers for the acquisition of Ita Airways, an important step towards the privatization of the Italian company. The deadline forsending proposals to the Ministry of Economy, which holds 100% of the airline’s capital, is set at 11:59 pm today, May 23rd.
A few hours after the opening of the envelopes, the most eligible and strongest offer seems to be that of Msc (Aponte Group) -Lufthansa. The two companies had submitted an expression of interest last January asking for an exclusivity period of 90 days. The figure that was circulating at the time was between 1.2 and 1.5 billion euros for a majority stake in the new national airline. This is contrasted by the consortium formed by Certares fund linked to Delta-AirFrance KLM with a purely commercial partnership, without a stake in the capital. The French company, in fact, cannot invest if it does not first return the public funds received to face the Covid pandemic to the Paris government. On the other hand, the entry of a third party appears less and less probable Indigo Partners. In fact, it is not clear whether the fund, which invests in some companies such as Wizz Air, after having presented the expression of interest, then requested access to the data room, i.e. the virtual room with all documents, accounts and confidential data. of the company, which closed at 6pm today.
“I would like to point out the importance that the cargo sector assumes in the offer of MSC and Lufthansa to Ita. The entire airport and air transport sector – commented today the Minister of Infrastructure and Sustainable Mobility, Enrico Giovanninion the occasion of the presentation of the annexed infrastructures and sustainable mobility in Def 2022 – is in great movement, also in light of the changes that are taking place as a result of the crisis of the war in Ukraine ”.
In 2021 Ita recorded 1.26 million passengers from 15 October to 31 December, 86 million euros in revenues, -170 million Ebit. Once the offers have been received, the Mef, sole shareholder of the newco, will make its own assessments “to choose the ideal partner of the company” but will also choose the most valid proposal for the country “in broad terms and not just financial”. “An important point – underlined the Minister of Economy and Finance, Daniele Franco – is to have a company that stands up, that is part of a larger group that ensures connections and flights with the rest of the world “. The Treasury’s goal is to to hand over control of the company by Juneto then reach the closing of the transaction by the end of the year