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ETA Air, MSC and Lufthansa offer up to 80% of the company – Corriere.it

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On the afternoon of July 5, MSC and Lufthansa sent a new binding offer to the Ministry of Economy to acquire the majority of Ita Airways, the company that took over from Alitalia on October 15. how much Corriere della Sera from ministerial sources. In the evening, the envelope of Certares, the US private equity fund’s competitor in the Ita privatization match, will also be sent. The Ita data room closed at 5:59 PM on July 5 and both parties had until 11.59 PM on the same day to send the packet.

Evaluation

At the moment, few details emerge that confirm what this newspaper predicted: the valuation of the Italian airline, according to the new offer of MSC and Lufthansa, should have decreased compared to the offer made last May from one billion to 800-850 million euros. : Two giants aim to acquire 80% of the airline, leaving 20% ​​for Mef. Certares’ bid is also expected to contain a writedown from 600-800 million to 500-600 million, with a more ambiguous indication of a stock dividend.

stages

This time, Mef – the sole shareholder of Ita and director of the privatization process – requested that the offerings include not only the industrial plan and economic assessment, but also the governance approach. It is then up to the Treasury and its advisors (Equita, Gianni & Origoni) to make the first point and send their assessments to Palazzo Chigi. It is up to Prime Minister Draghi to make the final decision.

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