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    AF   FR0000031122

AIR FRANCE-KLM

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Real-time Euronext Paris  -  11:35 2022-12-08 am EST
1.255 EUR   +2.32%
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Italy extends deadline for ITA Airways takeover talks, sources say

09/30/2022 | 08:40am EST
FILE PHOTO: ITA Airways presents new fleet of aircraft at Fiumicino airport

MILAN (Reuters) - Italy has extended to Oct. 31 the deadline for exclusive talks with a consortium led by U.S. private equity fund Certares over a majority stake in ITA Airways, two sources close to the matter said on Friday.

The talks were initially meant to expire on Sept. 30.

Certares, backed by Air France-KLM and Delta Air Lines Inc, is willing to pay 350 million euros ($344 million) for a 50% stake plus one share of the state-controlled airline, the sources said.

The offer also envisages a capital increase of about 600 million euros, which would be launched some time after the closing of the deal, though exact timing has yet to be set, the sources added.

Delta Air Lines and Air France-KLM plan to become commercial partners of ITA, the successor company to Alitalia, but do not intend to take a stake in the carrier at this stage, they said in August.

The Certares-led consortium was picked by Italy's outgoing government over a rival offer from shipping group MSC and Germany's Lufthansa.

But Giorgia Meloni, the Brothers of Italy party leader who is widely expected to be named prime minister after this month's election victory, has said it is important to keep a flag carrier. She has also asked the outgoing administration to put the sale on hold.

The new government is expected to take office in mid-October.

($1 = 1.0188 euros)

(Reporting by Elisa Anzolin; Editing by David Goodman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR FRANCE-KLM 2.32% 1.255 Real-time Quote.-37.18%
DELTA AIR LINES, INC. -2.33% 33.53 Delayed Quote.-12.15%
LUFTHANSA 0.96% 7.712 Delayed Quote.23.61%
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Financials
Sales 2022 25 277 M 26 658 M 26 658 M
Net income 2022 183 M 193 M 193 M
Net Debt 2022 8 234 M 8 683 M 8 683 M
P/E ratio 2022 13,9x
Yield 2022 -
Capitalization 3 225 M 3 401 M 3 401 M
EV / Sales 2022 0,45x
EV / Sales 2023 0,44x
Nbr of Employees 72 439
Free-Float 47,1%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 1,26 €
Average target price 1,56 €
Spread / Average Target 24,4%
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Managers and Directors
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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