ITA Airways moves closer to acquisition by Lufthansa

The council running ITA Airways has approved a plan aimed at allowing Lufthansa Group acquire a 40% stake in the Italian flag carrier. The March 30 statement was followed by the Italian treasury saying talks involving it and Lufthansa around the latter’s proposed purchase of the stake were “positive”. The announcements came after the airline announced a €486 million loss in 2022, despite revenues topping €1.5bn and a surge in passenger numbers and flights towards the levels seen by predecessor carrier Alitalia before the imposition of pandemic travel curbs in 2020. ITA’s roughly €400 million in reported cash against €534