The marriage between Ita and Lufthansa is once again in the balance. During the night there was a clash over the figure and after almost two years of negotiations and a preliminary green light from the European Commission, everything is now back in the balance. Everything was “skipped” at the last minute, just before sending the final documents to Brussels for the approval of the wedding. The discount requested by the Germans is defined by via XX Settembre as an “unacceptable sell-off” request. An “adjustment” of the amount of the second tranche necessary because Ita has lost value compared to six months ago, Lufthansa argues.
During the night, apparently without warning, the German giant received a request for a discount of 10 million euros on the final payment of 603 million. The Italian Ministry of Economy and Finance responded with a firm no and at that point the process of sending the final documents to the European Commission was suspended, a necessary step to obtain the definitive green light for the merger. Lufthansa’s request would be based on Ita’s last financial quarter, characterized by a seasonal decline which, however, does not reflect, according to the Italian Ministry of Economy, the real value of the company.
From the German front, Lufthansa specified its adherence to the 2023 agreement, reiterating that it had “signed the necessary corrective measures package within the agreed deadline”. However, the aviation giant is intent on valuing Ita based on the last quarter of 2024, an argument that has met with strong resistance from the Italian side.
European Commission Competition spokeswoman Lea Zuber confirmed that she is in contact with the parties, explaining that the next step will be to analyze the agreement when it is delivered to Brussels. Zuber also recalled that the final transaction can only be approved when the Commission ascertains that the entities responsible for competitive remedies (such as the sale of slots in Italian airports) are independent and equipped with the necessary resources.
A new stalemate, therefore, for the agreement between ITA and Lufthansa which adds to the issue of slots posed by the European Antitrust. On the tablethe sale of 15 daily slots at Linate airport, intended for competing Italian and German companies such as EasyJet, which prevailed over other candidates such as Volotea. In addition, the Commission has mandated that other intra-European routes, including those between Rome and strategic cities such as Frankfurt, Munich and Zurich, be handed over to third-party companies to ensure greater competition. The negotiations also include long-haul flights: for routes to the United States and Canada, Brussels has established that, to ensure competitive balance, carriers such as Air France and British Airways can offer indirect connections to Washington, Toronto and San Francisco, integrating existing flights operated by Ita and Lufthansa.
The agreement, stipulated in 2023, provides for the German company to purchase 41% of the Italian one, through a capital increase of 325 million, to be completed by the end and then acquire further shares in two subsequent phases, until the operation is completed with 100% participation in 2029. However, the current impasse risks undermining the entire path: the deadline set for sending the binding agreements to Brussels was November 4, with an extension until November 11. The Mef, which remains the sole shareholder of ITA, is called upon to decide whether to give in to the German request or maintain the hard line. Everything is at a standstill again.
