Lufthansa Submits Remedies for ITA Stake Acquisition to EU
By Pierre Bertrand
Deutsche Lufthansa submitted remedies to the European Union to assuage regulatory concerns about its acquisition of a stake in ITA Airways from the Italian government.
The German airline group, which last year reached an agreement with Italy's Ministry of Economy and Finance to acquire a 41% stake in the Italian carrier formerly known as Alitalia, said it submitted a significantly improved remedy offer to the European Commission, the EU's executive arm.
"The revised package addresses the Commission's concerns on short- and long-haul flights, as well as on concentration at Milan Linate airport," a Lufthansa spokesman said following a statement Tuesday from Italy's economy and finance ministry, confirming that remedies were submitted.
Lufthansa said it offered the remedies to regulators on Monday.
The submission comes after the commission in late March sent a statement of objections--a formal step to inform parties of objections against a potential deal.
The commission said at the time that the tie-up could hurt competition for some routes in and out of Italy.
That assessment came after the commission opened an investigation in January into the agreement after earlier proposals by Lufthansa on the deal were considered insufficient to address some of the commission's concerns.
In a statement, the commission said it would carefully assess the remedies. It now has until July 4 to decide on the deal.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
May 07, 2024 06:04 ET (10:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software