LISBON — Portugal’s government has selected Lufthansa to acquire a 44.9% stake in TAP Air Portugal, leaving Air France-KLM out of the deal. The transaction still requires regulatory approval.
The decision is a setback for Air France-KLM, which sought to strengthen its presence in Portugal and its connections with South America. The group expressed disappointment and said it would continue exploring expansion opportunities.
TAP is particularly attractive for its network linking Lisbon with Brazil and Africa. The stake could strengthen Lufthansa’s position in these markets and increase competition with other European airline groups.