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Lufthansa set to acquire significant stake in ITA Airways

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Lufthansa set to acquire significant stake in ITA Airways
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During a shareholders' meeting on December 20, ITA Airways approved a capital increase to be offered to Lufthansa Group. This move will allow the German airline group to acquire an initial stake in the Italian carrier.

ITA Airways held an extraordinary shareholders' meeting where it approved a €325 million ($338 million) capital increase exclusively for Lufthansa Group. The German company has until January 15, 2025, to subscribe and acquire a 41% stake in ITA Airways.

The Italian airline also approved new by-laws, which include changes to management prerogatives and rights for its current shareholder, the Italian Ministry of Economy and Finance (MEF), as well as the new stakeholder, Lufthansa Group. These by-laws will become effective once Lufthansa subscribes to the capital increase. An ordinary shareholders' meeting is planned afterward to enable MEF and Lufthansa Group to appoint a new board of directors.

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"The completion of these formalities will mark the beginning of a new era for national and continental air transport, with ITA Airways entering the largest European civil air transport group."

The regulatory hurdles were cleared on November 29 when the European Commission (EC) approved easyJet, Air France-KLM, and International Airlines Group (IAG) as remedy takers under commitments made by ITA Airways' German-Italian shareholders.

As part of these changes, easyJet announced increased capacity on flights from/to Italy and opened two new bases at Milan Linate Airport and Rome Leonardo da Vinci Fiumicino Airport. The UK-based low-cost carrier plans at least 16 new routes from Milan-Linate with connections to other Lufthansa hubs like Frankfurt Airport or Vienna Airport.

While Air France-KLM and IAG were designated as remedy takers for long-haul routes between Italy and the United States through interlining agreements or slot swaps, no further developments have been announced regarding Lufthansa's acquisition of ITA Airways' initial stake.

Lufthansa reiterated that ITA Airways would join Austrian Airlines, Brussels Airlines, Lufthansa, Swiss International Air Lines (SWISS), Eurowings, Edelweiss Air, Air Dolomiti, and Lufthansa City Airlines within its network carriers group.

Lufthansa executives highlighted that adding Rome-Fiumicino to their hub network would enhance competitive positioning against US-based carriers. Unlike some German airports where aviation taxes are higher due to government policies, Rome provides a lower-cost alternative which could help develop networks across Africa and Latin America.

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