ITA Airways, a struggling airline that has been trying to overcome the financial woes of Alitalia, was reassured by Lufthansa investors on Friday. The German carrier had recently acquired 41% of the Italian airline with the approval of the EU.
The acquisition is expected to take two years for Lufthansa to evaluate ITA’s financial health before considering a complete takeover. Lufthansa CEO Carsten Spohr expressed optimism about the economic feasibility of the acquisition after more than a year of seeking approval from the European Commission. The details of their agreement are still being examined, and Spohr believes that ITA’s operating costs will continue to improve and is not overly concerned with the airline’s leasing debt.
In interviews with Italian media, Spohr mentioned that Lufthansa could potentially increase its stake in ITA to 90% as early as next year. However, both companies are working towards a successful partnership in the future, and the process is still in progress.