As Portugal sells TAP airlines, Lufthansa says too early for buyout

Robert Besser
08 Jun 2023, 19:47 GMT+10

Carsten Spohr, Chief Executive of Lufthansa, has said it was premature to discuss the German airline group's possible takeover of TAP, Portugal's airline
Meanwhile, Joao Nuno Mendes, Portugal's secretary of state for finance, said the government wishes to keep a strategic stake in state-owned TAP, and will not offer all of its shares in the upcoming privatization
Lufthansa, Air France-KLM and British Airways-owner IAG have shown an interest in acquiring TAP

LISBON, Portugal: Carsten Spohr, Chief Executive of Lufthansa, has said that as Portugal's government is still debating whether to sell TAP, the state-owned airline, it was premature to discuss the German airline group's possible takeover of TAP.

Meanwhile, Joao Nuno Mendes, Portugal's secretary of state for finance, said the government wishes to keep a strategic stake in state-owned TAP, and will not offer all of its shares in the upcoming privatization.

In a statement at the meeting of the International Air Transport Association in Istanbul, Spohr said, "There is still discussion in Portugal about how that privatization will take place, and it's not supposed to be 100 percent privatization," as quoted by Reuters.

Lufthansa, Air France-KLM and British Airways-owner IAG have shown an interest in acquiring TAP.

In May, Lufthansa announced it was taking a 41 percent stake in new Italian carrier ITA Airways.

The agreement was still waiting for the European Commission's approval, but once it was signed off ITA Airways would be incorporated into the Lufthansa group's global sales contracts to help it grow its revenue, Spohr said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Tennessee Daily.

More Information

86 ℉

Mostly Cloudy in Nashville

Business

Section

U.S. stocks slip, dollar loses ground against commodity currencies

NEW YORK, New York - U.S. stocks weakened on Friday as U.S. Treasury yields continued to point higher while some ...

Dubai real estate market on fire, billions of dollars in transactions each week

DUBAI, UAE - The bustling real estate market in Dubai has surged to unprecedented heights, reporting transactions valued at over ...

US business optimism about China at record low: Survey

SHANGHAI, China: A survey published this week by the American Chamber of Commerce (AmCham) in Shanghai showed that political tensions ...

eVTOL maker Joby chooses Ohio for its flying taxis plant

DAYTON, Ohio: Under an agreement announced this week, Joby Aviation will produce state-of-the-art electric vertical takeoff and landing (eVTOL) aircraft ...

Stocks in U.S. and around world decline as bond yields jump

NEW YORK, New York - U.S. stocks and bonds caught on to a global trend Thursday as sellers took charge ...

Chicago Symphony Orchestra, musicians' union ink a new deal

CHICAGO, Illinois: The Chicago Symphony Orchestra (CSO) and the Chicago Federation of Musicians announced over the weekend that they agreed ...

US

Section