They were filed with the Ministry of Economy on Monday two updated proposals for the Ita purchase, the airline born from the ashes of Alitalia and currently controlled by the state. The offers come from two consortia: the first formed by MSc Group and Lufthansa, second from the bottom Certares, from Air France and by the US carrier Delta. In the coming days, the Treasury will communicate which of the two proposals it deems preferable and will launch one exclusive negotiation with the corresponding team. In September, when the political elections are just a few days away, the Draghi government could sign un memorandum d'intesa with the winning team. However, it would not be a binding act: it will in fact be due to the next government take over the reins of privatization and thus decide the future of Ita.
The Certares-Air France-Delta proposal
In the proposals filed yesterday, the consortium Certares-Air France-Delta offers a “joint management” of Ita, which would mean leave 42% of the capital to the Treasury and voting rights plus the ability to choose the president. However, the ministry does not want to maintain a significant shareholding without being assigned a specific evaluation; therefore, Certares has attributed a value to the public quota and above all has undertaken to acquire it in certain times, directly or through its allies Delta and Air France. For the moment, the French company reserves 9,99% of the capital of Ita. The operation would first of all guarantee the public coffers an amount equal to approx 650 million euro.
The MSC-Lufthansa proposal
The consortium composed of MSc and Lufthansa tip instead 80% Ita and puts on the plate a figure that, at least in the first phase of the operation, is higher than that of the competitors: we are talking about 850 million euro. In terms of governance, MSC and Lufthansa would recognize the Ministry of Economy the right of liking, or the power to promote or reject future appointments to the positions of president and chief executive officer of ITA.
