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Lufthansa’s CEO says it is premature to discuss a possible takeover of Portugal’s TAP

ISTANBUL, June 4 (Reuters) – Lufthansa ( LHAG.DE ) Chief Executive Carsten Spohr said on Sunday it was too early to discuss the German airline group’s potential interest in acquiring Portugal’s TAP as the Portuguese government is still debated the privatization process.

Portugal wants to keep a strategic stake in state-owned airline TAP and will not offer all of its capital in a future privatisation, the country’s secretary of state for finance, Joao Nuno Mendes, said on Friday.

“There are still discussions in Portugal about how that privatization will be done, and it is not supposed to be 100 percent privatization,” Spohr told reporters at the annual meeting of the International Air Transport Association in Istanbul.

At least three major global carriers, Lufthansa, Air France-KLM ( AIRF.PA ) and British Airways owner IAG ( ICAG.L ), have shown interest.

Lufthansa said last month it was taking a 41% stake in Italian carrier ITA Airways in the latest major consolidation in Europe’s aviation sector.

Spohr noted that the deal was still subject to European Commission approval, but said that once signed, ITA Airways would be included in the Lufthansa group’s global sales contracts to help it boost its revenue.

He added that a number of planes were still stranded due to supply chain issues – at least 10 across the fleet – and that initial deliveries of the Boeing 777X were expected in early 2025.

“Boeing is saying it will ship in late ’24 or early ’25 — which means it’s early ’25,” Spohr said.

Reporting by Joanna Plucinska and Tim Hepher; Editing by Susan Fenton

Our standards: Thomson Reuters Fiduciary Principles.

Joana Plucinska

Thomson Reuters

Joanna reports on airlines and travel in Europe, including tourism trends, sustainability and policy. She was previously based in Warsaw, where she covered politics and general news. She wrote stories about everything from Chinese spies to migrants trapped in forests along the Belarusian border. In 2022, she spent six weeks covering the war in Ukraine, focusing on the evacuation of children, war reparations and evidence that Russian commanders knew of sexual violence by their own troops. Joanna graduated from Columbia Journalism School in 2014. Before joining Reuters, she worked in Hong Kong for TIME and later in Brussels reporting on EU technology policy for POLITICO Europe.

Sources

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2/ https://www.reuters.com/markets/deals/lufthansa-ceo-says-premature-discuss-possible-interest-taking-over-portugals-tap-2023-06-04/

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