Business · Companies · 5 hrs ago
Lufthansa reportedly set to win bid for 44.9% of TAP
Lufthansa is reportedly set to win a bid for a 44.9% stake in TAP, Portugal’s national airline.
The German airline group is competing with Air France-KLM to buy part of TAP.
Lufthansa’s offer is reportedly all cash, while its rival offered a mix of cash and shares.
The report says Lufthansa’s stronger financial position also helped its bid.
Portugal’s government is due to choose the winner on Wednesday at a special cabinet meeting.
The two companies submitted final bids in September after the government asked them to improve their offers.
The decision will determine which airline takes a stake in TAP, but the government has not yet confirmed the reported outcome.
Lufthansa is reportedly set to win the bidding for a 44.9% stake in Portuguese airline TAP.
Portuguese broadcaster SIC reported the expected outcome on Tuesday evening, citing insiders.
Lufthansa’s offer is reportedly all cash, while Air France-KLM offered a mix of cash and shares.
The report said Lufthansa’s stronger financial position also helped its bid.
Portugal’s government was due to decide the winner at an extraordinary cabinet meeting on Wednesday.
- Who
- Lufthansa and Air France-KLM are competing for a stake in TAP.
- What
- Lufthansa is reportedly set to win the bid for a 44.9% stake.
- When
- SIC reported the expected outcome on Tuesday evening; the government was due to decide on Wednesday.
- Where
- Portugal.
- Why
- Lufthansa reportedly offered the full purchase price in cash, and its stronger financial position was said to have helped.
Lufthansa
Air France-KLM
Payment structure
Lufthansa
Lufthansa reportedly offered the full purchase price in cash.
Air France-KLM
Air France-KLM reportedly offered a mix of cash and shares.
Bid outcome
Lufthansa
SIC reported that Lufthansa would receive the stake.
Air France-KLM
Air France-KLM was reported to have lost the bidding contest.
Lufthansa and Air France-KLM submitted their final bids for the stake.
Portugal’s government asked both bidders to improve their offers.
SIC reported, citing insiders, that Lufthansa would win the bid.
The government was due to decide the winner at an extraordinary cabinet meeting.
- Stake
- 44.9% of TAP
- Bidders
- Lufthansa and Air France-KLM
- Lufthansa offer
- Full purchase price in cash
- Air France-KLM offer
- Cash and shares
- Decision
- Portuguese cabinet meeting scheduled for Wednesday
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