ROME, ITALY — ITA Airways, Italy's state-owned carrier, has endorsed a collaborative business plan with Deutsche Lufthansa AG, advancing toward the sale of a minority stake to the German airline.

The forward-looking plan, which encompasses the development of ITA Airways' fleet, network, and strategic objectives, has been thoroughly discussed in a Rome meeting attended by Italy's Finance Minister Giancarlo Giorgetti, ITA Chairman Antonino Turicchi, and Lufthansa's Chief Executive Officer Carsten Spohr. However, the details of the plan remain undisclosed to the public.

The Finance Ministry emphasized the progress made, stating, "The industrial partnership between the two carriers is steadily moving forward."

Lufthansa's objective is to acquire a minority stake in ITA Airways, the successor to Italy's former flag carrier Alitalia, thereby fortifying its position within the European airline market. The German carrier aims to purchase up to 40% of ITA, with ongoing negotiations concerning its valuation. According to the daily Corriere della Sera, the stake's worth could range between €200 million ($218 million) and €250 million.

A statement revealed that ITA Airways experienced a loss of €486 million in 2022.