Sharjah 24 – AFP: Italy announced Wednesday it chose a bid by US investment fund Certares, in partnership with Delta Airlines and Air France-KLM, for exclusive talks to take over national carrier ITA Airways.
The decision came as a surprise, as Swiss-Italian shipping group MSC and its ally, German airline Lufthansa, had appeared frontrunners in the race to buy Alitalia's successor.
The offer by Certares and its partners "was deemed to be the most in line with the objectives set" by the state, which owns 100 percent of the company, the Italian economy ministry said in a statement, without disclosing the amount on the table.
"At the end of the exclusive negotiations, binding agreements will only be signed if their content is fully satisfactory for the public shareholder," the ministry said.
According to the Italian daily Il Messaggero, the Certares fund, which specialises in tourism, has proposed to buy nearly 56 percent of ITA for around 600 million euros ($599 million).
The Italian state would retain a 44 percent stake and have two of the five seats on the future ITA board.
MSC and Lufthansa had proposed at the end of August to pay 850 million euros for 80 percent of ITA, a lower offer than a previous one of 1.3 billion to 1.4 billion euros made in January, due to the expected decline of the airline market after the summer.
Soaring energy prices, the war in Ukraine, a lack of staff and the Covid pandemic all contribute to a hazy outlook for the industry.
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