Issue Summary

European consolidation got a leg up last week, but not in the way many expected. Italian authorities named the offer from private equity firm Certares with Air France-KLM and Delta as their preferred bidder for ITA Airways instead of frontrunner the Lufthansa Group. The reason, few will be surprised to know, was in the politics of it; Italy, it turns out, wanted to greater say in the future of ITA than Lufthansa and its partner shipping giant MSC were willing to give them. The deal isn't done yet but the move is set to give Air France, Delta, and KLM…