The European Commission has given final approval to Lufthansa’s acquisition of a minority stake in ITA Airways. This decision clears the path for creating Europe’s largest airline group.
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The ITA and Lufthansa merger talks stalled overnight, putting the merger agreement on hold. The Italian economy ministry (MEF), which owns ITA Airways—the successor to Alitalia—reportedly rejected Lufthansa’s request to reduce the agreed purchase price of 829 million euros for full acquisition, according to Corriere della Sera.
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The European Commission announced Wednesday its approval of the planned ITA-Lufthansa merger.
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The latest commitments offered by ITA and Lufthansa to gain approval for their merger still fall short of satisfying the European Commission. However, there is time until the final decision on 4th July for enhancements to be made in order to receive the green light.
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Deputy Premier and Transport Minister Matteo Salvini lamented “Euro-madness” following the European Commission’s presentation of issues regarding Lufthansa’s acquisition of stake in Italy’s ITA Airways.
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The EU Competition Commissioner says the routes operated by Lufthansa and ITA are the potential stumbling block to the deal.
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On Tuesday, German carrier Lufthansa acknowledged it has made concessions to the European Commission (EC) in an effort to secure approval for its proposed acquisition of a 41% stake in Italy’s ITA Airways.
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Notification of a deal between Italy and Germany to hand a minority stake in ITA to Lufthansa “is a long-standing issue” that “deserves a solution”, said European Economy Commissioner Paolo Gentiloni. Italy and Germany agreed the deal in May, but it is yet to be ratified.
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