Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

EU gives green light to Lufthansa's ITA purchase

The German airline Lufthansa has received clearance from the EU Commission for its investment in the state-controlled Italian airline ITA Airways of 325 million euros (equivalent to 3.7 billion kronor).

» Updated: 16 July 2024, 14:14

» Published: 03 July 2024

EU gives green light to Lufthansa's ITA purchase
Photo: Michael Probst AP/TT

The German airline Lufthansa has received clearance from the EU Commission for its investment in the state-controlled Italian airline ITA Airways of 325 million euros (equivalent to 3.7 billion kronor).

Lufthansa's share price rises by around 2.5 percent on the Frankfurt Stock Exchange following the news.

After the transaction, Lufthansa will hold a 41 percent stake in ITA, with an option to take over full ownership.

The EU's review of the deal has been prolonged, but is now concluded since Lufthansa has agreed to concessions regarding flights from Italy to the rest of Europe and North America – to reduce the risk of distorted competition when the companies merge.

Lufthansa has previously taken over national airlines in Europe, including Swiss, Austrian, and Belgian Brussels Air.

The deal is being carried out simultaneously as Air France-KLM, together with the Danish state and a circle of investors, is injecting new capital into crisis-ridden SAS, where, according to reports, Air France-KLM is aiming to become the majority owner.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

The Government Seeks Support for Those Affected by Northvolt
1 MIN READ

The Government Seeks Support for Those Affected by Northvolt

The regional tax will be raised next year
1 MIN READ

The regional tax will be raised next year

Astra Zeneca's China Chief Arrested by Police
1 MIN READ

Astra Zeneca's China Chief Arrested by Police

More rate cuts - but risk of turmoil with Trump
2 MIN READ

More rate cuts - but risk of turmoil with Trump

Svantesson: Trump's policy may increase inflation
2 MIN READ

Svantesson: Trump's policy may increase inflation

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Central Bank Economist: Central Bank Cuts Interest Rate Too Late
2 MIN READ

Central Bank Economist: Central Bank Cuts Interest Rate Too Late

How You Are Affected by Lowered Interest Rates
2 MIN READ

How You Are Affected by Lowered Interest Rates

Thedéen expects turmoil after Trump's victory
2 MIN READ

Thedéen expects turmoil after Trump's victory

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

Stockholm Stock Exchange rises after interest rate cut
1 MIN READ

Stockholm Stock Exchange rises after interest rate cut

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected

Inflation Expectations Fall
1 MIN READ

Inflation Expectations Fall