Lufthansa: aims to acquire a majority stake in TAP Air Portugal in the long term

Spohr: usually not a minority; a non-binding proposal has been put forward

(Il Sole 24 Ore Radiocor) - Lufthansa aims to acquire the entire share capital of Tap Air Portugal in the long term, having initially acquired a 44.9 per cent stake following the outcome of the tender for the partial privatisation. “A minority investment does not generally form part of our strategy,” explained CEO Carsten Spohr at a press conference the day after Lisbon gave the go-ahead for the deal. In 2028, once all the necessary authorisations have been obtained, it will acquire the agreed stake for €1.025 billion. A further 5 per cent, reserved for employees, could be acquired by the German group depending on the level of employee participation. The Portuguese state will retain a majority stake of 50.1 per cent. However, Spohr explained that he had submitted a non-binding proposal to gain control of TAP whilst leaving a stake with the employees. The offer from the German group – whose portfolio includes Eurowings, Swiss, Brussels Airlines, Austrian Airlines and a 41 per cent stake in ITA Airways – would give Lisbon a 5 per cent stake in Lufthansa’s capital. According to an announcement by Portuguese Prime Minister Luis Montenegro, a second phase of the sale could begin in 2028.

According to Spohr, the TAP project “will immediately create value” for shareholders and will generate “up to 450 million euros in annual net synergies”.

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