Portugal’s government has accepted Lufthansa Group’s bid for a 44,9% stake in state-owned TAP Air Portugal for a purchase price of €1,025 billion (R18,9 billion).
This could increase to €1,2 billion (R22,1 billion) for a 49,9% stake if the additional 5% stake reserved for employees is included. The government will retain a 50,1% majority shareholding.
The Lufthansa Group and Air France-KLM both submitted bids to acquire a minority stake in the airline in August, followed by improved bids earlier this month.
According to the Portuguese government, Lufthansa’s proposal was selected for its stronger financial proposal, which included an ambitious growth plan for TAP and the possibility of new investments in Portugal.
The proposal for the acquisition of up to 49,9% of TAP's share capital was around 16% higher than that presented by Air France-KLM.
