Lufthansa Seeks Full Control of TAP Air Portugal (en.ilsole24ore.com)
Lufthansa aims to acquire the entire share capital of TAP Air Portugal in the long term, starting with a 44.9 per cent stake it will buy for €1.025 billion in 2028 once authorisations are obtained. CEO Carsten Spohr said a minority investment does not generally fit the group's strategy and has submitted a non-binding proposal for control that would leave Lisbon a 5 per cent stake in Lufthansa's capital. The Portuguese state will retain a 50.1 per cent majority, a further 5 per cent is reserved for employees, and the project is expected to generate up to €450 million in annual net synergies, with a second sale phase possibly beginning in 2028.
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VendorsLufthansa (Airline)
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Lufthansa ran a similar sequence at ITA: 41% in January 2025 with a pre-agreed annual option on another 49%, exercised in June 2026 at a fixed €325 million, with Italy keeping 10% that Lufthansa may buy in 2028 (https://newsroom.lufthansagroup.com/en/lufthansa-exercises-option-to-acquire-a-majority-stake-in-ita-airways/). The open question for TAP is whether Lisbon writes a comparable option into this deal or leaves control to the second sale phase Prime Minister Montenegro has floated for 2028.