Italy seeks swift EU antitrust ruling on ITA-Lufthansa, minister says
Reuters
Published Mar 04, 2024 08:44AM ET
ORTUCCHIO, Italy (Reuters) - Italy expects the European Commission to reach a quick decision in favour of Lufthansa's bid to buy a minority stake in carrier ITA Airways after opening an antitrust investigation in January, Italy's industry minister said on Monday.
The German carrier in May agreed to buy 41% of the state-owned Italian airline, created from the ashes of bankrupt Alitalia, for 325 million euros ($352.63 million) with a view to later acquiring a majority stake.
However, the European Commission opened a full-scale investigation into the deal on concerns that the acquisition could reduce competition in passenger air transport services on several short-haul and long-haul routes.
"We expect the Commission to decide in a timely manner, and therefore quickly. This should happen in order to provide full clarity," Minister Adolfo Urso told reporters on the sidelines of an event at a space centre in central Italy.
"We believe that the Commission should decide in favour of this project, which strengthens the European air industry, and Europe's competition," he added.
On Friday, Reuters reported that Lufthansa expects to receive an EU antitrust warning in the coming weeks over the proposed transaction, and is prepared to offer targeted remedies to address competition concerns.
($1 = 0.9217 euros)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.