Home » Ita, the latest turbulence on the sale. The government slows down. The company: privatization is a commitment with the EU

Ita, the latest turbulence on the sale. The government slows down. The company: privatization is a commitment with the EU

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Ita, the latest turbulence on the sale.  The government slows down.  The company: privatization is a commitment with the EU

ROMA – The privatization of Ita, which was now in the home straight, is the subject of a last nervous confrontation in the palaces of power. The feeling is that the operation will be one of the victims of the end of the Draghi government.

A resigning government – in office for the sole “handling of current affairs” – it will be difficult for the state airline to sell. The privatization of Ita is a decision that seems to go beyond current affairs, and is certainly not one of the emergencies that Draghi can manage on behalf of the Quirinale (from the implementation of the NRP to inflation).

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Ita, however, is not resigned to the sinking of the sale. Company emissaries yesterday talked with the Ministry of Economy, the carrier’s sole shareholder. Their thesis is that privatization – regulated by a decree, from a March Dpcm – both within the perimeter of “current business“.

Furthermore, privatization it would be a commitment assumed with the EU, therefore mandatory. If the Ministry of Economy retains 100% of the airline, postponing the sale of Ita, then the public money invested (720 million to date) could be configured as state aid. The contestation of Europe would be inevitable.

Finally, the emissaries of Ita warn that failure to sell would determine irreparable damage to the public purse, given that an income of a few hundred million euros would fade. This is the money that the two competing consortiums (MSC with Lufthansa; the Certares fund with Air France and Delta) want to pay Italy for the majority of Ita’s shares.

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The arguments of the Ita emissaries are not the tables of the Gospel. In case the privatization slips by a few months, the collection for the state would only be postponed. We would therefore not be faced with irreparable damage.

In order for the privatization to proceed, the outgoing Prime Minister Draghi and the outgoing Minister Franco (Economy) should also initiate an informal procedure: call the leaders of all parties and get the go-ahead for the sale of the company from each of them.

If Draghi and Franco also decide on this survey (which is unlikely), at least one party – the Brothers of Italy – would deny its approval.

Fabio Rampelli (Fratelli d'Italia)

Fabio Rampelli (Fratelli d’Italia)

Fratelli d’Italia is also the nightmare of potential buyers (Msc with Lufthansa; the Certares fund with Air France and Delta). Both teams are braking in the race in Itasince the first political fibrillations manifested themselves in the now former government majority.

Buyers are frightened by the prospect of a government led by the Brothers of Italy – party opposed to the sale of Ita – will take office in a few weeks.

Get Draghi’s green light to a preliminary deed of sale today (in theory) it does not mean conquering the company. The final purchase deed (the closing) would be signed in December. So Brothers of Italy – if the winner of the elections on 25 September – would have plenty of time to blow the bank and privatization.

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