ITA Airways chairman says deal with Lufthansa mostly worked out

ROME, April 19 (Reuters) – ITA Airways has worked out the main elements of a partial takeover deal with Lufthansa and hopes to announce it soon, the chairman of the state-controlled Italian airline told reporters on Wednesday.

Chairman Antonino Turicchi was speaking on the sidelines of a presentation of a new aeroplane at Rome’s Fiumicino airport.

Sources have previously said the German carrier is negotiating with Rome over the purchase of a 40% stake in ITA, valued at around 200 million euros ($219 million), with the idea of buying the rest at a later stage.

The exclusivity period for talks between ITA, the successor to bankrupt Alitalia, and Lufthansa end on April 24, although the deadline is not binding.

Lufthansa CEO Carsten Spohr said last month that final negotiations were focusing on price, given the ongoing losses at the Italian carrier.

($1 = 0.9148 euros)