ITA Airways gets green light to open data room for stake sale

Italy’s audit court approved a government decree detailing ways to sell stakes in ITA Airways, officials said, paving the way for the state-owned carrier to give potential suitors access to data on the company. ITA took over from Alitalia in October, permanently grounding the 75-year-old, one-time symbol of Italian style and glamour after years of financial losses and failed rescue attempts. Shipping group MSC and Germany’s Lufthansa have expressed interest in buying a majority stake in ITA, and requested an exclusivity period of 90 days to iron out details of an acquisition. The Italian government, which is entitled to inject E1.35b into the carrier over three years as agreed with European Union competition authorities, preferred to keep the door open to other potential suitors. The Treasury plans to privatise ITA through a direct sale or a public offer while retaining a minority, non-controlling stake in a first stage, according to the decree. Governance agreements between the Treasury and the prospective partners will make it possible to pursue ITA’s industrial targets, it added. <br/>