Will ITA Airways Now Be Owned by a Cruise and Cargo Line?

 

"The measures taken in the Council of Ministers concern the reform of the CSM but also the procedure for the sale of ITA [Italia Trasporto Aereo],” Italy Prime Minister Mario Draghi said in a press conference at yesterday’s meeting of the Council of Ministers. During the session, the provision for the sale of ITA Airways was illustrated. It will be through direct sale or public offer.

The decree (a DPCM) would initiate the privatization of ITA, the airline that took the place of Alitalia, currently 100% owned by the Ministry of the Treasury, that is, by the Italian state. The most accredited buyer is MSC, a fully Swiss company, which would have the majority, while the Treasury would keep a stake for some time to come, probably in view of the exit from the shareholder base.

MSC, of the cargo and cruise sector, seems to be able to outperform the competition for now.

Given that there are still offers in place from Delta and Air France. MSC would thus complete its corporate strategy of extensive presence in the field of logistics, declaring its intention to make ITA a point of excellence in its business, in consideration of the fact that air traffic it is bound to unlock.

These are perspectives that have fascinated the government. The executive headed by Mario Draghi will still have to make a weighted analysis of an agreement that is not yet concrete. However, the plan has already been talked about for some time and was developed by the Economy Department at the instigation of Minister Daniele Franco.

The scheme will be defined in the coming days and a lot will also depend on what Lufthansa will do. The German company also made a purchase offer last month. MSC made it known that in case it will want to lead the alliance and make use of those who already have know-how in the aviation sector. It is foreseeable that in order to implement the steps, the giant with headquarters in Geneva will make use of the operational offices it owns in Italy. Then, if all goes according to plan, there will be an extraordinary Board of ITA to define the path.

Currently, the new ITA, born last October, has 2,235 employees, 52 aircraft. Up to now 1.2 million passengers transported and a turnover of 90 million. With 400 million still in cash. The new 5-year business plan was also recently approved. MSC is aware of this but aims to the future, and the creation of a new Newco MSC-ITA is not excluded.

Source: eturbonews.com

Tags: ITA Airways