Italy wants privatisation deal for ITA Airways by mid-June, sources say

The Italian government wants to clinch a deal on the sale of state-owned carrier ITA Airways by mid-June, two sources close to the matter said Wednesday. 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. But Rome opted for a market-based procedure aimed at keeping the door open to other potential suitors. The government headed by PM Mario Draghi wants a privatisation deal in place before the start of summer, one of the sources said, asking not to be named due to the sensitivity of the matter. Draghi's office declined to comment. Under a government decree entered into force early this month, Rome plans to privatise ITA through a direct sale or a public offer while retaining a minority, non-controlling stake in a first stage. Last week the Treasury picked Equita and Gianni & Origoni as financial and legal advisers, intensifying efforts to find strategic partners.<br/>