ROME, Jan. 17 (Xinhua) -- The new board of directors for Italian flagship carrier ITA Airways was officially installed Friday following the formal completion of the airline's merger with German carrier Lufthansa, according to ITA Airways.
Lufthansa's stake in the Italian company was valued at 325 million euros (335 million U.S. dollars). By doing so Lufthansa owns 41 percent of ITA Airways' shares, with the rest held by the Italian Treasury. The German carrier has an obligation to acquire the remaining ITA shares in the following years.
Joerg Eberhart of Lufthansa has been appointed as ITA Airways' new chief executive officer, while Sandro Pappalardo, a former Italian Air Force pilot, will serve as chairman of the company's Board of Directors.
The merger solidifies the Lufthansa Group's position as Europe's second-largest airline by passenger traffic.
The deal, in progress since May 2023, received approval from the European Commission's competition regulator in July 2024.
