Portuguese business newspapers are reporting a possible deal for Lufthansa, possibly with United Airlines as a partner, to buy a large stake in TAP Air Portugal. All three airlines are Star Alliance members.
The airline is currently owned 50% by the Portuguese government, 5% by an employee trust and 45% by Atlantic Gateway Partners, a company headed by serial airline founder David Neeleman and Humberto Pedrosa. Atlantic Gateway bought into the company in 2015, and assumed management of its operations.
Now, the reports say, the government is unhappy with results because of two years of losses over €100 million, although it is happy with the sharp rise in the airline’s route system and passenger totals. TAP says the losses are caused by its investment in new planes. Neeleman has been reported anxious or resistant to selling his stake.
Lufthansa has indicated that it is involved in negotiations concerning TAP, but it is not clear whether they want to acquire Atlantic Gateway’s stake, or to buy a majority of the company and take over control of the airline. It is also unclear as yet whether United is actually part of a potential deal.
