FRANKFURT (Reuters) -Lufthansa finalised its acquisition of a 41% stake in Italian state-owned airline ITA after European antitrust remedies were put in place, it said on Friday, in a deal designed to
Lufthansa Completes 41% Stake Acquisition in Italy's ITA Airways
FRANKFURT (Reuters) -Lufthansa finalised its acquisition of a 41% stake in Italian state-owned airline ITA after European antitrust remedies were put in place, it said on Friday, in a deal designed to boost the carrier's presence in the lucrative southern European market.
Lufthansa previously said the deal, under which it paid 325 million euros ($334 million) for the stake in the successor airline to bankrupt Alitalia - was expected to close in early 2025.
The European Commission approved a package of competition remedies in November, securing more routes for the German flag carrier's rivals and paving the way for the deal to go through.
"With our investment, we will now strengthen the Italian and European aviation market and the position of the Lufthansa Group as number one in Europe," Lufthansa CEO Carsten Spohr said.
"Our joint passengers worldwide will benefit from improved offers and optimised connections as early as this upcoming summer flight schedule."
The remaining 59 percent of ITA will initially continue to be held by the Italian Ministry of Economy and Finance, Lufthansa added, as ITA Airways becomes the group's fifth network airline.
($1 = 0.9720 euros)
(Reporting by Tristan Veyet, Ludwig Burger and Christoph Steitz; Editing by Kirsten Donovan)
