World’s largest container line makes a play for Italian air carrier
MSC filed an expression of interest to ITA’s Italian government owner detailing the plan and has roped in German airline Lufthansa as an industrial partner
25 January 2022 - 17:33Daniele Lepido and Chiara AlbaneseMediterranean Shipping Co. said it’s seeking a controlling stake in new Italian flag carrier ITA Airways through a deal that would also include Deutsche Lufthansa AG. Picture: BLOOMBERGThe Mediterranean Shipping (MSC) has said it is seeking a controlling stake in new Italian flag carrier ITA Airways through a deal that would also include Deutsche Lufthansa.
The transaction would have a value of between €1.2bn and €1.5bn, according to informed sources, who asked not to be identified in disclosing private information.MSC filed an expression of interest to ITA’s Italian government owner detailing the plan, it said on Monday. Lufthansa would act as an industrial partner and will consider equity involvement, it said. The German firm is unlikely to make an immediate investment, said other informed sources.Read more: Business Day »
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MSC has filed an expression of interest to ITA’s Italian government owner detailing the plan and has roped in Lufthansa as an industrial partner 25 January 2022 - 17:33 Daniele Lepido and Chiara Albanese Mediterranean Shipping Co.The Washington-based crisis lender cut its world GDP forecast for 2022 to 4.The first African leader of the UN health agency said he was"very grateful for the renewed support", after the WHO's executive board held a secret-ballot vote approving his nomination as the only candidate for the post of director-general.Peter Bruce speaks to author and journalist Simon Mundy about his groundbreaking new book, Race For Tomorrow, gripping, real-time dispatches from the frontlines of the way climate change is reshaping .
said it’s seeking a controlling stake in new Italian flag carrier ITA Airways through a deal that would also include Deutsche Lufthansa AG. Picture: BLOOMBERG The Mediterranean Shipping (MSC) has said it is seeking a controlling stake in new Italian flag carrier ITA Airways through a deal that would also include Deutsche Lufthansa. "The global economy enters 2022 in a weaker position than previously expected," the International Monetary Fund said in the quarterly update to its World Economic Outlook, adding that"the emergence of the Omicron variant in late November threatens to set back this tentative path to recovery. The transaction would have a value of between €1. The former Ethiopian minister of health and foreign affairs is thus expected to be re-elected when all 194 WHO member states cast their ballots in May for the next director-general.2bn and €1. After the solid recovery last year when the global economy grew an estimated 5.5bn, according to informed sources, who asked not to be identified in disclosing private information.
MSC filed an expression of interest to ITA’s Italian government owner detailing the plan, it said on Monday. "These impediments are expected to weigh on growth in the first quarter of 2022," the report said. "We appreciate not only your leadership during this period, but also your humanity and your compassion," South Korean representative Kim Ganglip said, speaking for WHO's western Pacific region. Lufthansa would act as an industrial partner and will consider equity involvement, it said. The German firm is unlikely to make an immediate investment, said other informed sources." The fund once again stressed that controlling the pandemic is critical to the economic outlook and urged widespread vaccinations in developing nations, which have fallen short even as advanced economies have moved to deploying booster shots among their already highly-vaccinated populations. ITA, the successor to defunct Alitalia, is attractive for the synergies it would offer in both the cargo and passenger sectors, according to MSC. Ethiopia's government has slammed his comments about the humanitarian situation in his home region of Tigray, in the grip of a 14-month conflict, and has demanded he be investigated for"misconduct and violation of his professional and legal responsibility". The Geneva-based shipper, owned by the Italian Aponte family, recently became the world’s largest container line in an industry flush with cash after pandemic-driven demand for consumer goods propelled it to the most profitable year ever. She said the cumulative economic losses inflicted by the pandemic over five years are expected to total nearly $14 trillion through 2024, compared to the pre-pandemic forecasts.
MSC also operates the world’s third-largest cruise brand. Interest in ITA has heated up since it began flying in October. With US President Joe Biden's massive social spending plan stalled in Congress, the IMF subtracted the expected growth impact the program would have had on the economy. - 'Horrified' - Tedros also enjoys support in Washington. Chairman Alfredo Altavilla has made plain he’s positioning the firm for investment from a major airline in an industry dominated by bigger players, setting a goal of finding a deal by the end of this year. Lufthansa, linked frequently to ITA, would help develop a commercial strategy for the business, though this work is not yet advanced, according to people with knowledge of the situation.2 percentage points off GDP, which is now expected to expand four percent this year, the IMF said. Executives at the German firm have said previously that the new airline’s network would complement its own, with ITA’s Rome hub, for example, bringing more passengers to African flights operated by its Brussels Airlines unit. Beijing has rebuked the WHO chief for some of those comments, but still supports his candidacy.
Collaboration on North Atlantic flights would also neutralise competition between Lufthansa’s flights from Munich and the Italian firm’s Milan services.6 percent expansion in 2021. Lufthansa is exiting restrictions on merger activity that came with its €9bn government bailout. Germany still owns a stake, but Europe’s biggest airline group has paid back all of its state loans, freeing it up for foreign investments should it so choose.8 points off expected growth for this year to 4. - Significant reform - Tedros's second term will likely be dominated by the towering task of strengthening the WHO, after Covid-19 exposed its weaknesses. “We will use the next 90 days to explore all possible options for collaboration, including a possible equity investment,” Lufthansa said in an e-mail. The approach provides a significant boost for ITA, given the standing of MSC and Lufthansa, German newspaper Handelsblatt cited Altavilla as saying. "China's downgrade reflects continued retrenchment of the real estate sector and weaker than expected recovery in private consumption," Gopinath said Other major economies suffered sharp downgrades amid the ongoing pandemic disruptions, including a 0.
He also highlighted the proposal’s industrial logic, including freight synergies and ITA’s ability to fly passengers to MSC’s cruise ships, according to the report. Tedros is also calling for a vast reform of financing, warning funds are lacking to respond to the numerous crises WHO faces around the globe. One other possible contender, Delta Air Lines, said this month that it’s not interested, though ITA has taken Alitalia’s place in the Atlanta-based company’s Sky Team global alliance.2-point deductions for Brazil and Mexico. A bid for ITA could herald another chapter in the decades-long saga of Italy’s search for a viable national carrier. It comes as airlines seek to move beyond Covid-19, which has crushed demand for two years.5-point upgrade to nine percent, Japan saw a more modest improvement for growth of 3. The pandemic proved to be the final blow for Alitalia after it had already racked up debt.
Altavilla has also made progress thinning down the ITA predecessor’s payroll and set plans to modernise the fleet with a deal for 59 Airbus SE jets. The outlook for 2023 is somewhat improved,"however not enough to make up ground lost due to the downgrade to 2022. Still, he has said the company is too small to survive alone, even after Italy provided it with more than €700m about three months ago. MSC has benefited from a surge in shipping fees during the pandemic, with freight rates out of Shanghai jumping about five-fold over the last 18 months. The phenomenon is expected to bring more aggressive action by key central banks like the US Federal Reserve, which will raise borrowing costs worldwide, hindering recovery efforts, particularly in indebted developing nations. The company has overtaken AP Moller-Maersk as the world’s No 1 container line by capacity, according to Alphaliner data published this month. The group, founded by Gianluigi Aponte, who remains chairman, operates a fleet of 560 container vessels calling at about 500 ports around the world. If"the pandemic eases its grip" and energy price increases moderate,"inflation should gradually decrease as supply-demand imbalances wane in 2022 and monetary policy in major economies responds.
It also controls MSC Cruises, the world’s largest closely held cruise company, while holding a majority stake in port-management firm Terminal Investment. While tie-ups between the marine and air-transport sectors are relatively rare, MSC’s French container rival CMA CGM has begun a major push into aviation with moves to establish a fleet of nine Airbus freighter aircraft. But Gopinath cautioned that"higher inflation surprises in the US could elicit aggressive monetary tightening by the Federal Reserve and sharply tightening global financial conditions. MSC said it requires a period of 90 business days to conduct exclusive talks on a potential deal. The group is already pursuing a major takeover after offering to buy the African transport and logistics business of Bollore for €5.9 percent in advanced economies and 5.7bn including debt in December.
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