The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Italy cleared the way for the sale of a minority stake in ITA Airways, a key step in ending months of uncertainty over the government’s plans for the successor to bankrupt Alitalia SpA.
Rome approved a decree aimed at speeding up the sale procedure for ITA, according to a government official. That could open the way for Deutsche Lufthansa AG to take a minority stake in ITA, as reported by Ansa newswire.
In that scenario the government would retain its majority holding.
The deal would allow Lufthansa to expand in one of Europe’s biggest aviation markets. Lufthansa had originally planned a joint bid with MSC Mediterranean Shipping Company SA, but the company withdrew in November.