Resurrected from the ashes of Alitalia, promoted by the EU as if in complete “economic discontinuity” from the old national airline, finally sold to Lufthansa. Yet, in an eternal return, always at the center of disputes. After two years of troubled negotiations to find the right partner and almost eight months on a roller coaster to obtain the coveted yes from the EU, at the last mile the marriage between Ita and the German ski giant has become complicated again. Here is the history of the newco.
THE REBIRTH
It was 10 October 2020 when, at the end of the extraordinary administration of Alitalia, the then Conte bis government signed the decree with the birth of Ita Airways, giving it 20 million euros as a dowry. On 12 November 2020, the company started its engines with the first board of directors: the operation, intertwined with the bridge loans granted in 2017 and 2019 to Alitalia (1.3 billion in total) and considered illegal by the EU, required the approval from Brussels.
THE EU ASSESSMENT
There is one diktat to be respected by ITA: to be independent from the old company and not, in the words of the vice president of the EU Commission, Margrethe Vestager, a “disguised” Alitalia. Under penalty of liability for reimbursement of illegal subsidies.
THE GREEN LIGHT
After obtaining the necessary reassurances, on 10 September 2021, Brussels concluded that there was “a clear discontinuity between Alitalia and Ita”, specifying that the capital contributions of 1.35 billion in favor of the new company did not constitute state aid .
THE RACE AND TAKE-OFF
The business plan envisaged the sale of the Alitalia brand to the highest bidder with an open tender, in which Ita participated, ultimately acquiring the brand for 90 million. The newco then spread its wings on 15 October 2021 on the Linate-Bari route.
THE SALE
Starting on 11 February 2022, the privatization process was at the top of the Draghi government’s priorities. The first two contenders were MSC and Lufthansa. With the arrival of interest from the Certares consortium – in partnership with Air France and Delta -, the cruise leader withdrew. On 25 May 2023 the long-awaited white smoke between the Mef and the German giant: the agreement provides for the entry of Carsten Spohr’s company into the capital of the newco with a 41% share (equal to a capital increase of 325 million), with the option to subsequently acquire all remaining shares.
THE AGREEMENT WITH THE EU
The operation, after complex negotiations, was approved by Brussels on 3 July 2024. With conditions to protect the balance of the skies: the transfer of thirty daily slots in the Milan-Linate airport and the opening to competition on ten routes between Italy and central Europe and on long flights from Fiumicino to North America.
RESPECT FOR AGREEMENTS
The choice of carriers that will take over from the Italian-German alliance in the slots left vacant on critical routes has fallen on easyJet, Air France and Iag. The signing of the contracts was scheduled for November 4th. Then, the sudden blocking of the agreement in the face of Lufthansa’s request for a discount on the investment price. The sending of the final plan to Brussels has been postponed.
THE LAST STEP FOR CLOSING
However, delivery must take place by November 11th. The match is played entirely on the Rome-Frankfurt axis. Then the last formal EU examination will begin for a final green light that Vestager’s team still hopes to decree in November. By the end of the mandate of the first von der Leyen government.