{"id":166633,"date":"2024-07-03T12:00:36","date_gmt":"2024-07-03T12:00:36","guid":{"rendered":"https:\/?p=166633"},"modified":"2024-07-03T13:45:42","modified_gmt":"2024-07-03T13:45:42","slug":"lufthansa-receives-eu-approval-to-buy-41-of-ita-airways","status":"publish","type":"post","link":"https:\/\/aviacionaldia.com\/en\/2024\/07\/lufthansa-receives-eu-approval-to-buy-41-of-ita-airways.html","title":{"rendered":"Lufthansa receives EU approval to buy 41% of ITA Airways"},"content":{"rendered":"\n

Germany’s Lufthansa <\/strong>won EU antitrust approval to buy 41% of Italy’s ITA Airways for 325 million euros ($350 million) on Wednesday after ceding routes and slots.<\/p>\n\n\n\n

The deal will boost Lufthansa’s presence in the lucrative southern European market and is one of three high-profile sector transactions in Europe, underscoring efforts by its airlines to boost scale to offset rising operating costs.<\/p>\n\n\n\n

ITA also offers key long-haul routes to Lufthansa, which has an option to take full ownership if the Italian airline’s financial performance improves.<\/p>\n\n\n\n

Lufthansa and ITA agreed to cede Italian short-haul routes to one or two rivals, the European Commission said. The German airline has said it is in talks with Easyjet and Spanish low-cost carrier Volotea.<\/p>\n\n\n\n

\u2192 ITA Airways to fly between Rome and Bangkok in the winter season<\/a><\/em><\/strong><\/p>\n\n\n\n

The combined group will also undertake interlining agreements or slot swaps for long-haul routes to increase frequencies and improve connections for one-stop flights, it added.<\/p>\n\n\n\n

“The package of remedies proposed by Lufthansa and the MEF (Italy’s ministry of economy) on this cross-border deal fully addresses our competition concerns by ensuring that a sufficient level of competitive pressure remains on all relevant routes,” EU antitrust chief Margrethe Vestager said in a statement.<\/p>\n\n\n\n

Lufthansa can only close the deal once rivals, approved by the EU antitrust watchdog, start operating the routes.<\/p>\n\n\n\n

Analysts say it will not be easy to turn around ITA, whose predecessor Alitalia faced decades of financial struggles and bailouts. Lufthansa will likely need to make a significant investment to rebuild ITA.<\/p>\n\n\n\n

Regulators in Europe also worry the region’s three largest airline groups – IAG, Air France KLM (AIRF.PA), opens new tab and Lufthansa – are becoming too dominant, potentially hurting consumer choice and making flying less affordable, Reuters <\/a>reported.<\/p>\n\n\n\n

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