Stock Market News

Italy picks Certares-led bid for exclusive ITA Airways talks

2022.08.31 12:13

Italy picks Certares-led bid for exclusive ITA Airways talks
FILE PHOTO: A new state-owned Italian carrier Italia Trasporto Aereo plane with the new blue livery is seen at Fiumicino airport before a news conference to present the aircraft’s new fleet, in Rome, Italy, March 1, 2022. REUTERS/Remo Casilli

MILAN (Reuters) – Italy’s government has picked a bid by U.S. private equity fund Certares and backed by Air France-KLM and Delta Air Lines Inc (NYSE:DAL) to start exclusive talks over the sale of a majority stake in ITA Airways, the Treasury said on Wednesday.

The government had aimed to complete the part-privatisation of the successor to Alitalia over the summer, but then asked the two rival consortia to review their initial offers as it deemed they did not meet its goals.

The offer, whose details were not publicly disclosed, would leave the Treasury with “at least” a 40% stake and the right to appoint the company’s chairman and exercise a veto on certain “strategic choices”, a source has told Reuters.

The Certares-led bid was facing a rival bid presented by shipping group MSC and Germany’s Lufthansa, which a source said was offering between 850 million euros ($847 million) and 900 million euros for an 80% stake.

MSC declined to comment while Lufthansa could not immediately be reached for a comment.

Prime Minister Mario Draghi’s government wants to sign a preliminary agreement with the preferred bidder by Sept. 10, sources have said.

However, any deal would probably close in the final quarter of the year by which time Italy should have a new government after a national election on Sept. 25, potentially complicating the issue further.

The Brothers of Italy party, which is topping the polls, has called for the next administration to make a decision on ITA.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 84,380.61 0.26%
ethereum
Ethereum (ETH) $ 1,941.33 1.32%
tether
Tether (USDT) $ 1.00 0.00%
xrp
XRP (XRP) $ 2.39 1.20%
bnb
BNB (BNB) $ 617.61 5.02%
solana
Solana (SOL) $ 135.93 1.32%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.748295 1.03%
dogecoin
Dogecoin (DOGE) $ 0.176152 2.31%
tron
TRON (TRX) $ 0.222078 0.13%
staked-ether
Lido Staked Ether (STETH) $ 1,939.63 1.42%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 84,224.57 0.18%
pi-network
Pi Network (PI) $ 1.45 4.96%
chainlink
Chainlink (LINK) $ 14.03 2.11%
the-open-network
Toncoin (TON) $ 3.58 21.78%
leo-token
LEO Token (LEO) $ 9.73 0.52%
stellar
Stellar (XLM) $ 0.27477 0.87%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,325.94 1.27%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.192602 0.09%
avalanche-2
Avalanche (AVAX) $ 19.37 3.85%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 0.01%
sui
Sui (SUI) $ 2.35 0.74%
litecoin
Litecoin (LTC) $ 92.52 0.85%
bitcoin-cash
Bitcoin Cash (BCH) $ 343.03 4.03%
polkadot
Polkadot (DOT) $ 4.35 3.95%
mantra-dao
MANTRA (OM) $ 6.62 5.89%
ethena-usde
Ethena USDe (USDE) $ 0.999956 0.04%
weth
WETH (WETH) $ 1,942.27 1.31%
bitget-token
Bitget Token (BGB) $ 4.47 1.81%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.03%
hyperliquid
Hyperliquid (HYPE) $ 14.39 4.44%
whitebit
WhiteBIT Coin (WBT) $ 28.92 1.72%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,062.26 1.19%
monero
Monero (XMR) $ 212.37 1.21%
uniswap
Uniswap (UNI) $ 6.27 3.50%
susds
sUSDS (SUSDS) $ 1.04 0.00%
aptos
Aptos (APT) $ 5.35 2.48%
dai
Dai (DAI) $ 1.00 0.03%
near
NEAR Protocol (NEAR) $ 2.65 1.04%
pepe
Pepe (PEPE) $ 0.000007 0.03%
internet-computer
Internet Computer (ICP) $ 5.83 2.88%
okb
OKB (OKB) $ 46.60 0.87%
ondo-finance
Ondo (ONDO) $ 0.873 0.25%
mantle
Mantle (MNT) $ 0.805641 10.00%
ethereum-classic
Ethereum Classic (ETC) $ 17.97 0.46%
gatechain-token
Gate (GT) $ 21.59 1.93%
aave
Aave (AAVE) $ 173.19 0.57%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,377.61 0.23%
official-trump
Official Trump (TRUMP) $ 12.19 2.04%