Lufthansa gets EU nod to buy $350 million stake in Italy’s ITA

BRUSSELS/FRANKFURT/ROME, July 3 (Reuters) – Lufthansa (LHAG.DE), opens new tab won EU antitrust approval to buy 41% of ITA Airways for 325 million euros ($350 million) on Wednesday after ceding routes and slots, with the news boosting rival IAG’s shares and hopes for its takeover of Air Europa.

The deal will boost Lufthansa’s presence in the lucrative southern European market and is one of three high-profile sector transactions in Europe, underscoring efforts by its airlines to boost scale to offset rising operating costs.

Source: REUTER