The hypothesis of the Italian State Railway System (FS) in the shareholding structure of future ITA Airways has lost its value.
The countless privatization attempts of ITA Airways with the recent coupling of Lufthansa and MSC Cruises, which failed due to the renunciation of MSC, has called into question the Italian State Railway System (FS) for the second time in the last two years.
But even this proposal does not seem to be feasible. The news is reported by the newspaper La Repubblica motivating that Lufthansa would not be “convinced” of a partnership with FS, on the grounds that Lufthansa is now aiming to acquire a minority stake in the Italian air carrier and a second stake in the next few years.
This is all in the face of concrete and immediate decision-making power of Lufthansa “through the important armored shareholders’ agreements that they would sign with the MEF (Italian Treasury Ministry). After all, FS’ high-speed rail is considered more of a competitor than a useful ally and, if an agreement were to emerge, it could only be commercial (as happened in Germany with Deutsche Bahn).
Lufthansa followed a similar path at the time of the acquisition of Brussels Airlines, initially acquiring a 45% stake – immediately taking control of it – and then completing the operation with the purchase of the remaining 55%.
In the case of ITA, the newspaper’s analysis continues, the intention would be “to limit the disbursement for the first installment of ITA and, at the same time, share any losses with the Italian State – which at least initially would remain a shareholder majority.
ITA would pass into Star Alliance and the route network would be integrated with that of the German group in Europe: therefore with those of Austrian Airlines, Brussels, Swiss and Air Dolomiti.
