Lufthansa-ITA: an analysis of corporate finance, public intervention, and market strategies

This thesis examines the acquisition of ITA Airways by Lufthansa, focusing on the financial, strategic, and political aspects that shaped the deal. Going beyond the basics of a merger and acquisition, the research looks at how private equity, public ownership, and industrial policy intersect in a complex, highly regulated sector like aviation. The case of ITA-Lufthansa highlights not only the financial rationale behind the transaction but also the broader implications for competition, market consolidation, and the role of the state in national carriers. By combining financial analysis with a closer look at European policy and market trends, this study sheds light on how airline deals are influenced by more than just balance sheets.