Corporate Finance
From Bailouts to Bidding Wars: Is Lufthansa’s Expansion Creating Value?
On 14 October 2026, the Portuguese Government picked Lufthansa [ETR: LHA] (market cap as of 06/11/26: €10.1bn) to buy 44.9% of TAP Air Portugal, in a deal worth up to €1.2bn for up to 49.9% of the airline (€1.0bn for the initial 44.9%, per the contract signed on 3 November), implying a total valuation of about €2.6bn.