Portugal’s government has chosen Lufthansa to acquire a stake in TAP Air Portugal, with its offer 16% higher than the competing bid. (AFP pic)LISBON: German airline Lufthansa has won the contest to buy a major stake in TAP Air Portugal, the Portuguese prime minister said Wednesday, after months of efforts to privatise the state-rescued airline.
Lufthansa beat out Air France-KLM with an offer of €1.025 billion (US$1.14 billion) for a 44.9% stake in TAP, prime minister Luis Montenegro told journalists after a cabinet meeting.
TAP, which was renationalised in 2020 to stem heavy losses from the Covid-19 pandemic lockdowns, is among the few remaining state-owned carriers in Europe.
"After studying the proposals, the government has chosen Lufthansa, whose financial offer was 16% higher than the competing bid," Montenegro said.
