HomeTop Global NewsLufthansa Plans to Increase Its Stake in Italy’s ITA to 90%

Lufthansa Plans to Increase Its Stake in Italy’s ITA to 90%

Lufthansa, one of the world’s largest airliners, intends to keep increasing its stake in Italy’s flag carrier, ITA Airways. According to Lufthansa’s CEO Carsten Spohr, his company plans to own at least 90% of ITA by the start of the next year.

Earlier this week, Lufthansa received approval from the European Commission’s competition authority to acquire 41% of state-owned ITA in a deal worth $350 million. The acquisition is expected to close at some point in the fourth quarter of 2024.

Speaking about the acquisition in a recent interview with Italian media outlet Corriere della Sera, Spohr said that Lufthansa has set its goals on a much larger stake.

“For us, the option for the 90% starts in early 2025,” Spohr shared.

Italian government previously stated that it constructed the deal in this way in order to retain some oversight and protect the national interest. However, if Lufthansa fulfills all of its obligations in a previously agreed manner, it will be able to take full control of ITA Airways at a later date.

ITA Airways is expected to undergo a “swift” integration into the existing Lufthansa network. However, it will still continue to operate under its current brand.

The move is expected to fuel further growth for Lufthansa and strengthen its position as the most dominant airliner in Europe.

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