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    AF   FR0000031122

AIR FRANCE-KLM

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Real-time Euronext Paris  -  11:36 2022-12-06 am EST
1.246 EUR   -2.12%
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Italy could sell majority of ITA to Lufthansa-FS consortium -paper

11/24/2022 | 03:28am EST
FILE PHOTO: ITA Airways presents new fleet of aircraft at Fiumicino airport

MILAN (Reuters) - Italy's government is studying the possibility of selling the majority of ITA Airways to a consortium that could include Germany's Lufthansa and state-owned railways group Ferrovie dello Stato (FS), the Corriere della Sera newspaper reported.

Citing government sources, the paper said the government could sell 51% of ITA, the successor to Alitalia, to Lufthansa for 250 million euros ($261 million) and 29% to FS, while the rest would remain with the Treasury.

Lufthansa and FS declined to comment. The Italian Treasury could not immediately be reached for comment.

Through a tie-up with ITA, FS could exploit synergies between air and rail transport, especially with the high-speed services its runs connecting major cities in Italy, the paper added.

Rome has been keen to sell a majority stake in the airline and retain a minority, non-controlling stake in the initial stage, but the privatisation has proved difficult.

The government reopened the process at the end of last month after an exclusivity period for talks with U.S. private equity fund Certares, Air France-KLM and Delta Air Lines failed to produce a deal.

Shipping group MSC, which had partnered with Lufthansa earlier this year to bid for ITA, said earlier this week it was no longer interested in the transaction. However, Lufthansa is still keen on buying into ITA, a spokesman for the German carrier said last week.

($1 = 0.9586 euros)

(Reporting by Agnieszka Flak in Milan, Giuseppe Fonte in Rome and Ilona Wissenbach in Frankfurt; editing by Jason Neely)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM -2.12% 1.246 Real-time Quote.-36.18%
DELTA AIR LINES, INC. 0.34% 35.91 Delayed Quote.-8.11%
LUFTHANSA -0.59% 7.72 Delayed Quote.24.92%
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Financials
Sales 2022 25 281 M 26 595 M 26 595 M
Net income 2022 173 M 182 M 182 M
Net Debt 2022 8 234 M 8 661 M 8 661 M
P/E ratio 2022 14,6x
Yield 2022 -
Capitalization 3 201 M 3 368 M 3 368 M
EV / Sales 2022 0,45x
EV / Sales 2023 0,44x
Nbr of Employees 72 439
Free-Float 47,1%
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Number of Analysts 16
Last Close Price 1,25 €
Average target price 1,56 €
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Benjamin M. Smith Chief Executive Officer & Director
Steven Zaat Chief Financial Officer
Anne-Marie Couderc Non-Executive Chairman
Jean-Christophe Lalanne Executive Vice President-Information Technology
Isabelle Bouillot Independent Director
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