Germany's Lufthansa buys minority stake in ITA Airlines

It was reported that German airline Lufthansa will buy a minority stake in Italy’s flag carrier ITA. In a statement, Lufthansa Group announced that an agreement was reached with the Italian Ministry of Economy and Finance for Lufthansa to buy a 41 percent stake in the Italian airline through a capital increase of 325 million euros. It was reported that the Italian government will contribute to ITA’s capital increase with an additional 250 million euros, and that after the completion of the purchase agreement, ITA will be managed jointly with the Italians, including the appointment of a general manager. The purchase in question must be approved by the European Commission, the executive arm of the European Union. ITA Airlines was established in October 2021 following the closure of the 75-year-old Alitalia airline, which was kept afloat with financial support. ITA Airlines provides 4,000 jobs and carries 10 million passengers annually with 66 aircraft.