German Lufthansa Group has finalized its acquisition of Italian airline ITA Airways, closing a long period of uncertainty for Italy’s former flagship carrier.
Germany's Lufthansa Group on Friday finalised its acquisition of Italian airline ITA Airways, closing a long period of uncertainty for Italy's former flagship carrier.
Germany's Lufthansa announced on Friday that it has taken the first step towards a takeover of Italy's state-owned ITA Airways by completing an approved capital increase of €325 million ($334 million).
Lufthansa Group completed its acquisition of Italy's ITA Airways, formerly Alitalia, finalizing a deal worth 829 million euros. Lufthansa now holds 41% of ITA, aiming for full control by 2033. This acquisition addresses competition concerns by allowing rival airlines access to certain routes,
Under the €325-million ($350-million) deal, Lufthansa takes an initial 41 per cent stake in ITA, formerly Alitalia, from the Italian government, gaining full control by 2033 with a total investment of €829-million. The remaining 59 per cent will initially continue to be held by the Italian Treasury.
Italy's public debt surges to over €3 trillion, national rail operator calls for investigation into "highly suspicious" incidents, Italy and Lufthansa seal ITA Airways deal, and more news on Thursday.