Lufthansa wins bid for a 44.9% stake in TAP Air Portugal
Lufthansa won a bidding competition to buy 44.9 percent of Portugal's national airline TAP for 1.2 billion euros, with the government selecting the German airline group and retaining at least 50.1 percent ownership.
- Lufthansa's bid for 44.9 percent of TAP was 16 percent higher than Air France-KLM's and was accepted by the Portuguese government.
- Lufthansa was selected to buy 44.9 percent of TAP for 1.2 billion euros in a partial privatization deal.
- The Portuguese state will retain at least 50.1 percent of TAP's capital.
- The German airline group beat the French-Dutch competitor Air France-KLM in the bidding.
- The Lisbon government chose Lufthansa as the preferred partner to acquire 44.9 percent of TAP.
- The European Commission's competition authority approval for the deal could take 18 to 24 months.
- Lufthansa offered 1.2 billion euros entirely in cash, while Air France-KLM's bid included both cash and shares.
- Portugal plans to partially privatize TAP, which was nationalized during the 2020 Corona crisis.
- TAP reported a loss of 99 million euros in the first half of this year.
- Portugal considers total privatization of TAP until 2028.
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