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What will be the market capitalization of Lufthansa by the end of 2024?
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Story
Lufthansa Secures Conditional EU Approval for €325 Million, 41% ITA Airways Stake
Jul 3, 2024, 12:00 PM
Lufthansa has secured conditional approval from EU antitrust regulators to acquire a 41% stake in Italy's ITA Airways for 325 million euros ($350 million). The deal, announced on Wednesday, requires Lufthansa to cede certain routes and slots to address competition concerns. This acquisition is seen as a significant move in the European airline industry, enhancing Lufthansa's presence in the lucrative southern European market. The approval also represents a strategic win for Italian Prime Minister Giorgia Meloni, who aims to offload the financial burden of ITA Airways' predecessor, Alitalia, which had been a drain on state resources for decades. The long-term sustainability of ITA as a standalone carrier remains highly uncertain without this deal. Lufthansa also mentioned a swift integration of ITA and a planned shift to the Star Alliance.
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