The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Deutsche Lufthansa AG confirmed that it made a joint bid with container giant MSC Mediterranean Shipping Company SA to buy Italia Trasporto Aereo, known as ITA, the successor to failed carrier Alitalia.
That sets up a possible two-horse race for ITA, with Lufthansa and MSC likely to face off against a group backed by the German carrier’s European rival Air France KLM.
US-based Certares Management LLC, a travel and tourism-focused investment firm headed by Hertz Global Holdings Inc Chairman Greg O’Hara, is leading the rival bid, according to people familiar with the matter.
Air France-KLM said it plans to sell about 2.26 billion euros ($2.4 billion) of new shares to shore up its balance sheet and repay a chunk of the state aid that helped it survive the coronavirus pandemic.