Lufthansa is still interested in buying into ITA Airways despite reports that MSC, its original partner in the mooted deal, had pulled out.
Alitalia saved by the Government and reborn as ITA Airways
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Re: Alitalia saved by the Government and reborn as ITA Airways
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia saved by the Government and reborn as ITA Airways
Apparently LH may have found a new partner, the Italian rail system
https://www.reuters.com/markets/deals/i ... 022-11-24/
https://www.reuters.com/markets/deals/i ... 022-11-24/
Re: Alitalia saved by the Government and reborn as ITA Airways
ITA Airways plans to launch seasonal flights from Rome and Milan to Rhodes, Heraklion, Corfu and Kefalonia in summer 2023.
André
ex Sabena #26567
ex Sabena #26567
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Re: Alitalia saved by the Government and reborn as ITA Airways
An LH delegation will be in Rome tomorrow and Tuesday to get more information on some aspects under observation since November 16, the day they entered the data room. The meetings will have three major themes. The first: the airline's finances, which have deteriorated and which have led the value of ITA to fall to 450-500 million euros. The second theme is the network for 2023 to understand also from a commercial point of view how ITA is orienting itself in the European and intercontinental market.
The third concerns "human resources", on the one hand to understand the impact of the various labor lawsuits of former Alitalia employees who were not hired by ITA, on the other to assess the consequences of the legal disputes initiated by some executives dismissed in recent weeks and which in the event of defeat in court could expose the airline to millions in compensation.
The third concerns "human resources", on the one hand to understand the impact of the various labor lawsuits of former Alitalia employees who were not hired by ITA, on the other to assess the consequences of the legal disputes initiated by some executives dismissed in recent weeks and which in the event of defeat in court could expose the airline to millions in compensation.
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Re: Alitalia saved by the Government and reborn as ITA Airways
One of the things offered by LH today: Rome Fiumicino would have a strong role for connections with Africa (coordinating with Brussels, which already oversees these routes)
Others include: - a greater presence on the rich North American market (thanks to the United partner);
- strong integration with Austrian, Brussels and Swiss (other LH-owned carriers);
- a strengthening in the transport of cargo (towards Asia and Hong Kong in particular),
- and savings in fuel purchases through hedging contracts.
Others include: - a greater presence on the rich North American market (thanks to the United partner);
- strong integration with Austrian, Brussels and Swiss (other LH-owned carriers);
- a strengthening in the transport of cargo (towards Asia and Hong Kong in particular),
- and savings in fuel purchases through hedging contracts.
Re: Alitalia saved by the Government and reborn as ITA Airways
In fact, ITA airways, today just fly Tunis; Algiers and Cairo in Africa. The long haul routes are Buenos Aires, Sao Paulo, Tokyo, Los Angeles. I do not see the ccordination with Brussels Airlines...in case LH takes over the Skyteam group (AF-KL-DL)...ticketbuyer wrote: ↑28 Nov 2022, 23:06 One of the things offered by LH today: Rome Fiumicino would have a strong role for connections with Africa (coordinating with Brussels, which already oversees these routes)
Re: Alitalia saved by the Government and reborn as ITA Airways
Italy’s new government is reviewing options for retaining oversight of ITA Airways, in a strategic volte-face that risks becoming a major stumbling block for potential suitors like Lufthansa. More taxpayer money...
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia saved by the Government and reborn as ITA Airways
ITA Airways Chairman Antonino Turicchi met Lufthansa Chief Executive Carsten Spohr this week as Italy's government aims to sign a preliminary agreement for the sale of the Italian carrier by the end of the year, Corriere della Sera reported on Friday.
The deal could value Alitalia's successor at 450-480 million euros and Lufthansa would get a stake of 55-60%, the Italian newspaper added.
André
ex Sabena #26567
ex Sabena #26567
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Re: Alitalia saved by the Government and reborn as ITA Airways
The word on the Via is;
Lufthansa is ready to take over a stake of between 40 and 49% of ITA Airways and then increase it at a later time. The Germans could therefore immediately evaluate the performance of the airline, while the Government would maintain control of the carrier. For 40% of ITA, Lufthansa is offering between 180 and 200 million euros, valuing the company at less than 500 million euros. At the end of October, the American fund Certares was offering around 650 million euros for 49% of ITA. The strategy of the Germans follows the one adopted to take over Brussels Airlines, the Belgian company created in 2006 after the bankruptcy of Sabena.
Lufthansa is ready to take over a stake of between 40 and 49% of ITA Airways and then increase it at a later time. The Germans could therefore immediately evaluate the performance of the airline, while the Government would maintain control of the carrier. For 40% of ITA, Lufthansa is offering between 180 and 200 million euros, valuing the company at less than 500 million euros. At the end of October, the American fund Certares was offering around 650 million euros for 49% of ITA. The strategy of the Germans follows the one adopted to take over Brussels Airlines, the Belgian company created in 2006 after the bankruptcy of Sabena.
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Re: Alitalia saved by the Government and reborn as ITA Airways
Lufthansa is frightened by the more than 1,147 labor lawsuits hanging over IIT's head. These are the lawsuits that - between Rome, Milan and some foreign courts - Alitalia employees on redundancy payments have brought. People determined to be hired by the new Italian carrier (which is ITA, in fact).
Lufthansa is clear, it wants the State to set aside tens of millions to compensate the Alitalia employees if they win the lawsuits. Lufthansa has said that people involved in the case against IITA can also be hired in 2023, when the carrier will recruit over 1,200 people including captains, pilots and flight attendants.
Lufthansa is clear, it wants the State to set aside tens of millions to compensate the Alitalia employees if they win the lawsuits. Lufthansa has said that people involved in the case against IITA can also be hired in 2023, when the carrier will recruit over 1,200 people including captains, pilots and flight attendants.
Re: Alitalia saved by the Government and reborn as ITA Airways
ITA Airways plans the Rome Fiumicino – Washington Dulles route, on 01 August 2023, with A330-200.
ITA Airways is launching Rome Fiumicino – San Francisco route on 01 July 2023, with A350-900.
ITA Airways is launching Rome Fiumicino – San Francisco route on 01 July 2023, with A350-900.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia saved by the Government and reborn as ITA Airways
Italy says in a new decree that an airline company must end up with a majority stake in ITA Airways after the privatisation process of the state-owned carrier is concluded. The Treasury should have a say on the new shareholders, the decree stipulated.ticketbuyer wrote: ↑20 Dec 2022, 23:08 Lufthansa is frightened by the more than 1,147 labor lawsuits hanging over IIT's head. These are the lawsuits that - between Rome, Milan and some foreign courts - Alitalia employees on redundancy payments have brought. People determined to be hired by the new Italian carrier (which is ITA, in fact).
Lufthansa is clear, it wants the State to set aside tens of millions to compensate the Alitalia employees if they win the lawsuits. Lufthansa has said that people involved in the case against IITA can also be hired in 2023, when the carrier will recruit over 1,200 people including captains, pilots and flight attendants.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia saved by the Government and reborn as ITA Airways
Lufthansa is discussing some conditions with Italy in order to proceed with its plan to acquire a 40% stake in ITA Airways for around €350 million. The German carrier is seeking to gain the option to back out of a full takeover should the venture fail to work out, as well as legal waivers to protect against unforeseen issues.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia saved by the Government and reborn as ITA Airways
Lufthansa is making an offer for ITA Airways under a deal that would likely see the German airline eventually taking 100% ownership of the airline, with an initial 40% stake in ITA.sn26567 wrote: ↑13 Jan 2023, 15:52 Lufthansa is discussing some conditions with Italy in order to proceed with its plan to acquire a 40% stake in ITA Airways for around €350 million. The German carrier is seeking to gain the option to back out of a full takeover should the venture fail to work out, as well as legal waivers to protect against unforeseen issues.
https://www.aviation24.be/airlines/luft ... ke-in-ita/
André
ex Sabena #26567
ex Sabena #26567
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Re: Alitalia saved by the Government and reborn as ITA Airways
LH are said to have offered 250-300 million euros for 40% of ITA. The exact figure to be decided according to the value of ITA on the day the deal is signed.
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Re: Alitalia saved by the Government and reborn as ITA Airways
Now there is talk of LH offering only 200 million Euros for 40% of ITA. Also for tickets which combine train and plane.
Re: Alitalia saved by the Government and reborn as ITA Airways
ITA Airways has returned to Etihad the 54 weekly slots at London Heathrow airport inherited from Alitalia. The decision will take effect from summer 2023 season.
André
ex Sabena #26567
ex Sabena #26567
Re: Alitalia saved by the Government and reborn as ITA Airways
ITA Airways incurred a loss of 600 million euros in 2022. To be paid by the Italian taxpayer again? Nevertheless, in the current takeover discussions with Lufthansa, the latter has asked for a substantial decrease in the company's purchase price in view of those heavy losses.
André
ex Sabena #26567
ex Sabena #26567
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Re: Alitalia saved by the Government and reborn as ITA Airways
This is not correct. The net loss reported in EUR in 2022 is 486 million.sn26567 wrote: ↑30 Mar 2023, 16:07 ITA Airways incurred a loss of 600 million euros in 2022. To be paid by the Italian taxpayer again? Nevertheless, in the current takeover discussions with Lufthansa, the latter has asked for a substantial decrease in the company's purchase price in view of those heavy losses.
But numbers in the press vary due to USD conversion and some others cummulative figures with 2021.
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Re: Alitalia saved by the Government and reborn as ITA Airways
Press Release from ITA: Rome, 30 March 2023 – The Board of Directors of ITA Airways has approved the business plan already shared with Deutsche Lufthansa AG.
Carsten Spohr said yesterday at the A4E Aviation summit in Brussels that the last issue to be resolved was ITA's valuation, suggesting that all the other obstacles on an industrial level seem to have been resolved.
There is talk of LH paying 200 million Euros for ITA.
Carsten Spohr said yesterday at the A4E Aviation summit in Brussels that the last issue to be resolved was ITA's valuation, suggesting that all the other obstacles on an industrial level seem to have been resolved.
There is talk of LH paying 200 million Euros for ITA.