Ita becomes German. Only half at first, then gradually almost all of it. After months of negotiations, controversies and confidential meetings between Rome and Frankfurt, the Ministry of the Economy has found a agreement with Lufthansa which allows the German company to buy 40% of Ita Airways to then rise, in 2026, to 90-95%, leaving a guarantee quota to the Italian State. The agreement, which should be officially signed on Thursday 25 May, puts an end to the decennial "telenovela Alitalia", but also to the start-up phase of the company, decreeing the almost total exit of the State from Ita.
Ita becomes German: all stages of the operation with Lufthansa
According to rumors, Lufthansa will enter Ita Airways through a reserved capital increase which will lead it to own 40% of Ita. The investment should be around 320 million, 70 more than initially proposed by the German company.
Subsequently, in the first half of 2026, Lufthansa will be able to trigger the clause it provides for buy another 50-55% of the former Alitalia for a figure equal to half a billion euros and with a total valuation between 750 and 800 million euros, more than the 600 million assumed at the beginning of the year. At that point Ita would become 90-95% German and the Treasury would have a 5-10% share of the current 100%.
It should be emphasized that, even if for the first 2 years Lufthansa will be a minority shareholder to all intents and purposes, it will still have in hand the operational management of Ita Airways.
The transaction will have to be reviewed by theEU antitrust which could take 3-4 months to investigate the matter. EU sources quoted by Corriere della Sera explain that the Community Antitrust has already anticipated a block of requests to the two parties, including the "estimate" of the corrective operations that Ita and Lufthansa will have to carry out. Among these operations there will also be the slot assignment in some European airports, such as those of Milan Linate and Rome Fiumicino.
A new board is coming
Ita's board of directors should have already expired on March 30th. Now, with the entry of Lufthansa, the farewell of the current councilors is obvious. In place of the Ad Fabio Lazzerini a manager chosen by the Germans will arrive, while for the time being, the Ministry of the Economy will choose the president.
