Lufthansa formalises interest in TAP privatisation bid

The German airline group Lufthansa has delivered its Manifestation of Interest in buying up to 45% of national carrier TAP to Portuguese State companies holding Parpública just two days shy of the official deadline on November 22 to present proposals.

“In addition to the initial acquisition of a minority stake, the objective of the process is to establish a long-term partnership between the Lufthansa Group and TAP Air Portugal in order to ensure the successful future of TAP as Portugal’s national airline,” the aviation group said in a statement.

The government plans to sell 44.9% of TAP, setting aside 5% to the staff as stipulated by Portugal’s Privatisations Law. Should this tranche not be wholly subscribed, the future buyer will have right of preference.

Quoted in a communiqué, the CEO of Lufthansa said that the aims of the group is to “strengthen Portugal’s global connectivity, preserving TAP’s Portuguese identity while guaranteeing the sustainable growth of the company.”

TAP Air Portugal is of great strategic importance to the European aviation industry. As a long-standing partner in the Star Alliance, and taking into account our significant investments in Portugal, we continue to see the Lufthansa Group as the best partner for TAP and Portugal”, says CEO Carsten Spohr.

“Cooperation would strengthen Lisbon’s position as an Atlantic hub in the Lufthansa Group network,” says the German company, noting that “connectivity between Europe and other regions of the world, such as South America, Africa and North America, could be expanded.”

And adds: “As a global leader outside of the United States, the group offers scale, experience and the financial stability necessary to create sustainable value and strengthen the role of TAP Air Portugal as an ambassador for the country all over the world.”