ROME, ITALYThe Italian government gave the green light to the privatization of the country's new flag carrier ITA Airways, the successor of bankrupt Alitalia.

The airline is currently under the radar of German Aviation giant Lufthansa GROUP and the Geneva-based global container shipping company MSC.

"Cabinet ministers were presented with a decree to start the process of looking for a partner for ITA", Finance Minister Daniele Franco told reporters during a press conference.

He said there was no timing yet, and it could be through "public offer or direct sale", but "the government will maintain a minority share, not a controlling share of ITA, that could be sold at a later stage".

Last month, Lufthansa Group and MSC expressed their interests in acquiring a majority stake. The Italian government has determined to open up the bid to all potential bidders, despite a request by MSC and Lufthansa for a 90-day period of exclusivity in the negotiations.

ITA began its operations in October 2021 valued at between 1.2 billion and 1.4 billion euros.