Italy¡¯s economy and finance ministry on Wednesday announced it has entered into ¡°exclusive talks¡± with a consortium formed by Delta Airlines, Air France-KLM and US investment fund Certares for the purchase of national carrier ITA Airways.?

The move comes after months of negotiation as the government deemed the offer ¡°more in line with objectives¡± set by outgoing prime minister Mario Draghi, selecting it over a rival bid from container shipping company MSC Group and German airline group Lufthansa.

The Certares-led offer reportedly included 50 per cent plus one share of the company and valued the airline at?€700 million, which would rise to €1.95 billion after two capital increases ¨C €650 million by the finance ministry and €600 million by Certares, according to Italian newswire Ansa.

As part of the offer, the Italian government would retain around 40 per cent of ITA¡¯s shares and control two of the company¡¯s five board seats, according to local news reports.

Meanwhile, the MSC-Lufthansa offer was reportedly a more aggressive takeover, with the group requesting 80 per cent ownership.

In a statement yesterday, the ministry said: ¡°At the conclusion of exclusive talks, a binding agreement will be signed only if the outcome will be fully satisfactory for the public shareholder.¡±

Draghi said earlier this month that the non-binding selection process would go ahead regardless of the upcoming general election, set to take place on 25 September. However, the sale has received criticism from right-wing politician and election frontrunner Giorgia Meloni.?

Leader of the?national-conservative party?Brothers of Italy, Meloni this week denounced the move towards privatisation, saying ¡°another piece of Italy is leaving¡± and the flag carrier needs a ¡°defence strategy¡±.

Following Draghi¡¯s resignation in July, the outcome of negotiations will be determined by the next government.