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Air France-KLM misses out: Lufthansa in talks for full takeover of TAP Air Portugal

Lufthansa is negotiating a full takeover of TAP Air Portugal after initially securing a 49.9 percent stake for 1.2 billion euros. This deal edged out Air France-KLM, which also aimed to acquire the airline to improve its connectivity to South America.

Lufthansa is currently in discussions to acquire full control of TAP Air Portugal, moving beyond an initial agreement to purchase a 49.9 percent stake for 1.2 billion euros. Negotiations are underway regarding the acquisition of the remaining shares, a process that could potentially see the Portuguese government become a shareholder in the Lufthansa Group with a stake of up to 5 percent. This development follows a competitive bidding process in which Air France-KLM also submitted a final offer for the airline.

Air France-KLM, which sought to strengthen its network and presence in South America through the acquisition, was ultimately unsuccessful as its bid was reportedly 16 percent lower than the winning proposal. TAP Air Portugal remains a highly attractive asset, having recently reported a record 8.2 million passengers in the first half of the year. While Air France-KLM has expressed disappointment regarding the outcome, the group has stated it is now exploring alternative strategies to expand its reach within Portugal and South American markets.

Economy Business Netherlands

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Based on reporting by ad. Translated and condensed by LocalHeadlines.

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