An investor group including Air France-KLM and US partner Delta Air Lines has emerged as the favoured suitor to acquire Italian state carrier ITA Airways.
Italy’s finance ministry plans to start exclusive talks with the consortium led by US investment fund Certares over a rival bid from a team that included Lufthansa and shipping giant MSC Group.
The two bidding groups have spent months jockeying for position in the contest for the airline that emerged from the ashes of former flag carrier Alitalia.
Under the Certares group’s offer terms, the state would hold around 40% of ITA’s shares and could control two of the company’s five board seats, with some level of veto power over management nominations, according to local reports.
But the sale to SkyTeam alliance partners Air France-KLM and Delta may not be completed as it was opposed by Giorgia Meloni, leader of the right-wing bloc that is expected to win general elections next month.
It will be up to the next government to decide what to do with the outcome of the sale talks, said to value ITA at €700 million.
Lufthansa said in a statement that the Italian Treasury’s decision to enter exclusive negotiations with the other bidders “allows for more state influence and does not provide for a full privatisation of ITA”.
However, Certares reportedly said its consortium is “firmly convinced of our vision for the development of the company which we hope to be able to implement should we reach final binding agreements.”