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Lufthansa to acquire 44.9% stake in TAP Air Portugal for 1.2 billion euro
The Portuguese government selected Lufthansa as the buyer of a 44.9% stake in TAP Air Portugal for 1.2 billion euro, rejecting Air France-KLM's offer. Prime Minister Luís Montenegro said Lufthansa's offer was 16% higher than the competing bid and consisted entirely of cash, while Air France-KLM wanted to settle part of the transaction in its own shares. For Lufthansa, the key advantage is Lisbon airport and its extensive network of routes to Brazil. The transaction will accelerate consolidation of Europe's airline market.
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