German airline group Lufthansa on Friday stated its purpose was to take over Italian provider ITA Airways in full, however it couldn’t be pressured to take action, after it introduced it was taking up a minority stake on Thursday.
Lufthansa will take a 41% stake in ITA Airways by means of a 325 million euro ($358 million) capital enhance that may circulate on to the Italian provider, the German group stated on Thursday.
That possession stake may very well be prolonged primarily based on how effectively the airline performs within the coming 12 months, Lufthansa CEO Carsten Spohr stated.
“There are Lufthansa name choices for 49% (possession) in a time-frame that begins in 2025. For me, that will be the 2 years we’ve deliberate for the turnaround of the corporate,” Spohr advised an analyst name on Friday.
He stated there are additional choices for buying the remaining 10% however that it “relies on the financial growth of ITA.”
He added that the German group had to make sure they did not overpay for the financially troubled Italian airline.