After nearly two years of postponement, a sudden acceleration and a subsequent slow-down mark, the operation marked the entry. Lufthansa I as a minority shareholder Eta Airways. Late yesterday afternoon, an extraordinary shareholders’ meeting approved a capital increase for Lufthansa, which must be subscribed by investors by January 15. 325 million euros acquiring 41 percent of the capital.
The meeting is scheduled to take place in mid-January.
During the same meeting, amendments to the articles of association provided for by the investment agreement were approved, introducing specific privileges and rights for the two main shareholders, the Ministry of Economy and Finance and Lufthansa, in the context of joint management. . Ita Airways.
After receiving the green light from the European Commission on November 30, the last act before the extradition – commented Antonino Turicchi, president of Ita Airways – we are within a few weeks in 2022. Succeeded in reaching the end of the operation. Interest and the resulting investment deal, which was supposed to close in a couple of months.”
The subscription period for Lufthansa’s capital increase is open from today until January 15. The new Articles of Association shall come into force with the anticipated subscription of capital increase. By January 15. After that, a general meeting of Ita Airways shareholders will be held, during which a new board of directors will be appointed in accordance with the agreements signed in June 2023, thus starting the new governance of the company.
The future board of directors will consist of: Five Members: Three nominated by Mef, including the President (for whom Antonino Turicchi is awaiting confirmation), and two nominated by Lufthansa, including the CEO. Jörg Eberhart is currently Lufthansa’s Chief Strategy Officer for this role. The mandate of the new board of directors will be three years.
Acquisition of Lufthansa between 2025 and 2029
With the operation approved by the extraordinary meeting, the shareholding structure of Ita Airways has been rebalanced in favor of Lufthansa, remaining in the “co-control” phase, as explained by President Torrici. The Ministry of Economy and Finance shares will be sold when Lufthansa decides to exercise options to take control of the company, the forecast said. Between late 2025 and 2029, During this period, the German group will be able to increase its stake from 41 percent to 90 percent. Another 49 percent.
The next phase is scheduled after 2029, when Lufthansa will have the opportunity to acquire the remaining 10%, bringing the total investment to 829 million euros.
Liquidity is equal to 500 million euros.
Beginning in 2025, commercial cooperation between Ita Airways and the Lufthansa network, which includes Air Dolomiti, Austrian Airlines, Brussels Airlines, Eurowings, Swiss and Discover Airlines, will begin. The collaboration will leverage synergies in key areas such as fuel procurement, fleet maintenance and ticketing, leading to significant operational savings.
In late November, Ita Airways set a record Positive EBIT of around 20 million euros since the beginning of the year. According to President Torrici, this figure represents an encouraging sign to maintain positive results even at the end of 2024. The company, which in the past was primarily focused on maintaining financial balance, can now benefit immediately from the closure of operations. Development
In 2022, Ita Airways had a loss of €450 million and was suffering from significant cash burn. However, at the end of November 2024, the available liquidity was 500 million euros, which the company’s top management hopes to confirm at the beginning of the new year, also thanks to the 325 million euros capital injection that Lufthansa will pay. .
