Italy picks Equita, Gianni & Origoni to advise on ITA Airways sale -sources
24/03/2022 18:20
By Giuseppe Fonte and Francesca Landini
ROME, March 24 (Reuters) - Italy's Treasury has picked
Equita and Gianni & Origoni as financial and legal advisers for
the sale of stakes in ITA Airways, two sources close to the
matter told Reuters on Thursday, as Rome intensifies efforts to
find strategic partners for the carrier.
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. urn:newsml:reuters.com:*:nL1N2RB0BN
Shipping group MSC and Germany's Lufthansa LHAG.DE have
expressed interest in buying a majority stake in ITA and are
waiting to gain formal access to sensitive data on the
state-owned airline.
The government, which is entitled to inject 1.35 billion
euros ($1.48 billion) into the carrier over three years as
agreed with European Union authorities, approved a decree on
February listing ways to sell ITA Airways under an open and
market-based procedure. urn:newsml:reuters.com:*:nL8N2UM5U7
Rome prefers to keep the door open to other potential
suitors, government officials told Reuters at the time.
Economy Minister Daniele Franco told parliament on Thursday
that the ministry had picked advisers, without providing
details.
Asking not to be named due to the sensitivity of the matter,
the sources said the advisers were Equita and Gianni & Origoni.
They were not immediately available for comment.
"The progressive strengthening of ITA's activities, together
with the presence of several parties apparently interested in
acquiring it, should ensure the success of the sale," Franco
said.
Under the government decree, 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.
Governance agreements between the Treasury and the
prospective partners will make it possible to pursue ITA's
industrial targets.
In past decades, Alitalia tried and failed to clinch
alliances with Air France AIRF.PA , and more recently, Gulf
airline Etihad.
Delta Air Lines Inc DAL.N last week said it wanted to
deepen its commercial ties with ITA Airways but was not
interested in taking an equity stake in the carrier.
urn:newsml:reuters.com:*:nL5N2VI4TR
($1 = 0.9103 euros)
(Reporting by Giuseppe Fonte in Rome and Francesca Landini in
Milan; Editing by Leslie Adler)
((giuseppe.fonte@thomsonreuters.com; +390680307711;))