ETA, the last challenge between the consortium, but MSC-Lufthansa offers more

The start of the ETA airline tender. with Master Lufthansa Which was the first to make a binding offer to buy the Italian company on Tuesday evening, at 6 pm. At the end of the deadline, the show of the trilogy Certares- has arrived.Air France Delta. Now the Treasury will have to evaluate the two proposals in detail, studying both the economic file and the file related to industrial plan and governance.

However, what matters most to the Italian government is to ensure a future of development for the carrier, while protecting staffing levels, implementing the fleet and routes, and promoting Fiumicino and the tourist flow into Italy. Precisely to follow this trend, the Treasury has requested that it be able to have the final say on strategic choices, not so much a veto, but sharing a virtuous path that Ita Airways must lead, following the excellent work of Alfredo Altavilla and Fabio Lazzerini, President and Director The company’s CEO, he believed, forgot about the twenty-year turmoil of the old Alitalia company.

In the Treasury at these hours they are “orchestrating” the two shows to highlight strengths and embarrassments. According to rumors, however reliable, MSC-Lufthansa will be willing to invest up to 1-1.2 billion for the company, while Certares is still less than 1 billion. MSC had proposed a detailed management plan for the three identified businesses: Passenger, Cargo and Flow to Cruise Ships. With a strong push towards multimedia towards ports and various Italian cities.

Among the eligibility points the objective, written in black and white, is to increase tourism made in Italy, exploiting Italian hubs and synergies with the cruise ships of the Gianluigi Aponte Group. Whereas Certares, along with Air France and Delta, is a bit weak on this front, because it is focused on the Paris axis. However, it plays the role of a vast global network and unified partnership relations with the “old” from the ground up. After careful analysis, the Treasury has three ways to go: it can send its assessments directly to Palazzo Chigi, ending with a “report card”; requesting an additional investigation, and initiating further negotiations with both unions or with only one union; Considering the offers are still insufficient and re-inviting a new tender after the summer.

The problems to be solved, between the increase in fuel and the effects of the pandemic on the market and the global economic situation, are many and interrelated. Be that as it may, the transfer process will also be turbulent due to the fact that the parties, at this final stage, will increase pressure on Palazzo Chigi to advance this or that solution. Not only. At the level of different governments – USA, France and Germany – there will be no shortage of payments and sponsorships. The stakes are high. It must be emphasized that whoever wins the match will have the leadership in the rich European market and, in fact, in the world market, consolidating positions and putting competitors on the ropes. Precisely at a time when the low cost model is suffering and with the balances in air transport that are changing.

So it is no coincidence that the treasury wants to remain, at least for some time, with an equity stake (20-25%). To direct the bend and not waste the effort (more than 15 billion spent between rescues and relaunches) over the many years with Alitalia, of which ETA has been its heir since last October. It is then left to the individuals permanently, and exited from the contribution structure or significantly lightened.

The role of the parties
A difficult chess game in which MSC-Lufthansa seems to be preferred, among other things, for the intention of wanting to increase the fleet. But twists and turns, when our airline is on the line, are always possible. Among other things, rumors are circulating about a possible “reassessment” by the Ministry of Finance if things do not go well. So the role of politics will have its weight and it will be up to Mario Draghi, who is already struggling with the tremor of the majority, to find a solution in the exclusive interest of the country. Or put it off again for better times. However, the main goal is to close by July.

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