German airline Lufthansa is reportedly planning to acquire a 40% stake in ITA Airways, the state-owned flag carrier of Italy.
Citing two people familiar with the development, The Irish Times reported that talks between the two airlines are ongoing.
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One of the persons said that Lufthansa and ITA are discussing the price for a 40% stake while the other person familiar with the development stated that the finalisation of the deal is expected to take more than a few days.
However, Italian daily Il Foglio reported that the deal could be unveiled by the companies in the next week.
A Lufthansa spokesperson did not comment on the news but further stressed that the German carrier is open to an alliance with ITA Airways.
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Without disclosing the name of Lufthansa, an ITA spokesperson told Reuters that the company will present a strategic plan to the board later this month.
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By GlobalDataEarlier this month, Reuters reported that ITA was in touch with other airlines including Lufthansa, British Airways and Delta Air Lines for an equity partnership.
Recently, US-based Delta Air Lines revealed that it is not planning to make any investment in the Italian airline company.
Meanwhile, in a separate development last month, ITA Airways entered a codeshare pact with KLM Royal Dutch Airlines.
