Via their third-quarter results released this week, Lufthansa expects to have approval for the acquisition of 41% of ITA Airways by “early 2024”.
Back in May, the Italian government approved the acquisition of the carrier, representing a 41% stake for 325m EUR, as per ansa.
Without further ado, let’s get into it…
Lufthansa Expects To Have 41% of ITA Airways By Early 2024…
In the third quarter earnings report from Lufthansa, they said the following on the acquisition of 41% of the Italian carrier:
“The Lufthansa Group is also seeking approval from the European Commission for the agreed acquisition of a 41 percent stake in ITA Airways by early 2024.”
While it wasn’t too specific about early 2024, this could indicate the first quarter of next year, as the airline remains keen on finalising the acquisition and beginning to dominate additional market share within Italy and beyond.
However, despite the deal being approved by the Italian Government, the final roadblock in the way of this is the European Commission who still need to give their blessing before this can go ahead.
If this goes ahead, then this will be another significant exercise of airline consolidation within Europe, as well as for the markets that ITA Airways serves from Rome and beyond.
All eyes will be on the European Commission to see if they give Lufthansa the greenlight needed to make the 41% acquisition a reality.
As soon as the outcome is known, we will outline the conditions of the approval here at AviationSource.
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