Ita Airways acquisition: Certares Fund, Delta and Air France-KLM, at the start of the exclusive negotiation with the government

The bottom Certares with companies Delta e Air France-Klm win the exclusive negotiation for the acquisition of Italy Airways, so the government decided to deal with the US fund, as known in j with Delta and Air France-KLM, abandoning the idea of ​​the other consortium formed by the family group Aponte and by the German giant of the Lufthansa.

Now there is the problem of timing to close the game because the center-right, polls in hand, close to governing Italy is not smiling at the choice of the current executive. In particular Giorgia Meloni, criticizes the method and states that it is not up to this government to decide: "But only when I know will I be able to pronounce myself".

"The offer of Certares for Ita was superior to that of Msc and Lufthansa, which was not significantly modified during the procedure, under all the profiles required by the Dpcm, in particular the value and the industrial plan", commented the Ministry of Economy explaining that real privatization is achieved with control mechanisms in the hands of the Treasury.

In the press release of the morning it was said that for the sale of Ita "an exclusive negotiation would have been started " with the consortium formed by "Certares Management, Delta Airlines and Air France-KLM", whose offer was deemed "more responsive to the objectives set by the Dpcm".

Even if the details are still highly confidential, as Ansa writes, what filters is that the second offer has changed substantially compared to the first, which provided for the sale of only 40% of Ita: now Certares is aiming for 50% plus one action, a real privatization - explain government sources - since it is State loses control of the company.

It is then expected that the transfer will take place at the time of signing the contract, even if the payment will be in installments. The Ita's value is confirmed at 700 million but this is only the beginning, given that a capital increase is expected which will be of 650 million from the Treasury and 600 from Certares, thus bringing the value of the Italian company at 1.950 million.

The part relating to governance is then indicated among the strengths. The mef will be able to express the president of Ita and express their approval of the future CEO. The consortium led by Certares - then government sources underline - has given the willingness to discuss any changes aimed at improving the consistency of the Dpcm offer.

The aspects that did not help the MCS proposal. According to government sources, the call options the offer put the Mef in a subjective passive condition, the expected collection would have enhanced the share held by the Mef, providing for a collection of 186 million only in the case of objectives achieved by the proposed plan.

Even on governance, the State would have had decidedly less powers: the veto only on mergers or transfers of headquarters. Now the negotiation gets underway. There are no deadlines in exclusive negotiations. But two weeks of fire are expected, until mid-September, which could also be decisive.

It could come to a memorandum of non-binding agreement with Certares and his allies or, if possible, a preliminary, clearly more demanding, will be made. Without forgetting that on September 25 there are political elections and then a new government will arrive.

To definitively close the deal, the seal of theEU antitrust and if the negotiations are very advanced, it will be really difficult to back down, even for the new government.

Air France-Klm he also mentions a partnership that is not only commercial but also operational, which is read as a promise of share entry, almost a return after 15 years when the marriage with Alitalia seemed done but then vanished after the change of government between Prodi and Berlusconi. "We are firmly convinced of our vision", says the fund founded in 2012 by Greg O'Hara, with Greek-Canadian nationality specializing in tourism. With him Fiumicino could become an important hub, the third in Europe, and Ita have access to strategic markets, in addition to increasing travelers from the USA.

The commendo of the consortium MSc: "From our point of view, our joint offer with MSC was and continues to be the best solution for Ita", emphasizes Lufthansa, taking note of the government's decision to take a path that "allows greater State influence and does not provide for a complete privatization of Ita ".

Ita Airways acquisition: Certares Fund, Delta and Air France-KLM, at the start of the exclusive negotiation with the government

| Economics |