Portugal has chosen Germany's Lufthansa Group to acquire up to 44.9% of
state-owned TAP Air Portugal, the government decided at a cabinet meeting on
Wednesday. Lufthansa and Air France-KLM had each submitted improved bids. A 5%
stake will be reserved for TAP employees. Lufthansa said TAP fits its
multi-carrier, multi-hub model, will strengthen the group's market position on
Europe–Brazil, Latin America and Africa routes, and pledged to retain Lisbon as
a hub.
