The Italian government is about to sell its first stake in Ita Airways, formerly Alitalia, to Lufthansa. Lufthansa's offer for Ita was presented in January, and the negotiating process began. The Cologne-based conglomerate is planning to acquire a 40% stake in Ita through a reserved capital increase for just over 300 million euros, with the ultimate goal of acquiring at least 90% of the company's shares. The preliminary sale agreement (signing) must then be approved by the Court of Auditors, the Italian Antitrust Authority, and the European Union Antitrust. The final contract, known as the closing, will be signed once all three bodies have given their approval. Meanwhile, a new ITA Board of Directors will be appointed. In fact, the appointment of a new board of directors had been postponed "pending the outcome of the exclusive negotiations still ongoing with the potential partner." The new company, formed from the ashes of Alitalia, will be part of a global conglomerate. Lufthansa Group has over 300 subsidiaries and investee companies, with a portfolio of network carriers, point-to-point carriers, and air transport service companies. Austrian Airlines, Brussels Airlines, Swiss International, Air Dolomiti, Lufthansa Regional, Eurowings, and Lufthansa Cargo are among the directly controlled airlines. Ita ended 2022 with a net loss of 486 million euros and revenues of 1.576 billion.
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