Lufthansa is acquiring a 44.9 per cent stake in Portuguese flag carrier TAP Air Portugal in a deal valued by the government at 1.2 billion euros ($1.3 billion), officials announced Wednesday, in the latest step to privatise the airline.
Portuguese Prime Minister Luis Montenegro said the German company outbid Air France-KLM, the only other rival in the race. The government will remain the main shareholder, having set aside 5 per cent of the company for its more than 9,000 employees to buy shares.
