Lufthansa wins contest for minority stake in Portugal's TAP airline

Portugal is moving TAP back towards partial private ownership after the airline was nationalised during the coronavirus crisis, according to n-tv.de - Wirtschaft. The government sought a buyer for a minority stake, rather than a takeover of the whole airline.

The contest attracted Lufthansa and Air France-KLM. For Lufthansa, the attraction includes expanding its business in Latin America and strengthening its international position, DIE WELT reported.

Coverage published on October 14 described Lufthansa submitting a billion-level bid for the holding. n-tv.de - Wirtschaft reported that the German airline was not the only bidder in Portugal's partial privatisation process.

The government then awarded Lufthansa the stake, according to DIE ZEIT. Its report put the holding at 44.9 percent and said Lufthansa had prevailed over Air France-KLM.

Telegraaf also reported Air France-KLM's defeat, describing the share being transferred to Lufthansa as 45 percent. That differs slightly from the 44.9 percent figure reported by ARD Tagesschau and DIE ZEIT.

The prime minister announced that the first privatisation phase had been completed, Euronews reported on October 14. Its account said Lufthansa would become TAP's new shareholder.

Lufthansa has won the bidding contest, but that is not the same as confirmation that the ownership transfer has closed. Euronews describes the first phase as complete, while ARD Tagesschau reports government approval for Lufthansa's entry.

The reported 44.9 percent holding is a minority stake. The supplied coverage does not give a final transaction price or a completion date.

The next point to establish is when Lufthansa formally becomes a shareholder and on what final terms. The government's announcement reported by Euronews settles the choice of buyer and the first phase, but the supplied coverage does not detail the remaining steps.