Lufthansa wins in Italy to compensate for the defeats in Europe: Altavilla case and judgment of the Court of Justice
Lufthansa has skilled, very skilled management, especially when it comes to acquisitions and state aid. On these two fronts, however, things go differently according to the cases considered.
As the Reporter highlighted and La Verità wrote, the former president Alfredo Altavilla, Giavazzi's favorite, in ITA not only kept personal expenses out of control, between a driver who took 8,000 euros a month and 3,000 euros in fines paid by the airline controlled by the Treasury. If this behavior weren't enough, the manager was plotting with sources of information to attack CEO Lazzerini. A nice mess. Alfredo Altavilla was a great supporter of Lufthansa from which he had obtained an offer of almost one billion euros for ITA, even higher than the 342 million for 41% now obtained from the MEF. However, his offer was not liked and Draghi made a public tender.
But Lufthansa doesn't always go well, and it doesn't always find manager friends . In May the EU General Court ruled that the European Commission was wrong in allowing Germany to provide state aid to airline Lufthansa during the COVID-19 pandemic, legally overturning the decision. It was a matter of 6 billion euros granted by the German state to recapitalize the airline. Under EU state aid rules, such a decision must be reported to the European Commission to assess its legality.
In its statement on the ruling, the General Court, the second most powerful court in the EU, stressed that the Commission had "made several mistakes" in assessing the aid, particularly as regards possible alternatives to a state bailout. Obviously, when mistakes for six billion euros are made, these are at least suspicious, especially when they are made by the Von Der Leyen Commission which, even on vaccines, has not shone for transparency. Do you remember the story of the messages exchanged between VDL and the CEO of Pfeizer, Bourla, and never disclosed?
In short, Lufthansa looks like a great airline, especially when it comes to enlisting the help of compliant managers and politicians. A little less in other cases.
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The article Lufthansa obtains in Italy to compensate for the defeats in Europe: the Altavilla case and judgment of the Court of Justice comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/lufthansa-ottiene-in-italia-per-compensare-le-sconfitte-in-europa-caso-altavilla-e-giudizio-della-corte-di-giustizia/ on Tue, 20 Jun 2023 16:51:41 +0000.