Lufthansa has decided to abandon its intention to acquire a stake in Spanish airline Air Europa, as confirmed by a spokesperson for the German group to Reuters on Tuesday. This withdrawal comes just one week after Air France-KLM also announced its exit from the process, leaving Turkish Airlines as the sole remaining interested party in the race.
IAG Still in Play, but with Limitations
International Airlines Group (IAG), the parent company of Iberia and British Airways and a 20% shareholder in Air Europa, previously attempted a full acquisition. However, the effort was blocked in 2024 by regulators after years of unsuccessful negotiations. IAG’s partial stake further complicates any potential future agreement, a key obstacle identified by sources close to the process.
Reasons Behind Lufthansa’s Withdrawal
“After thorough analysis and intense negotiations, we have decided at this stage not to proceed with a capital contribution or the acquisition of shares in Air Europa,” stated the Lufthansa spokesperson.
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Lufthansa CEO Carsten Spohr recently acknowledged the complexity of the negotiations. IAG’s existing role as a minority shareholder and the resulting regulatory implications are believed to have significantly influenced the decision to step back.
Internal Tensions and Complex Structures
The operation has not only been marked by competition among European airlines. Internal disagreements within the Hidalgo family, owners of Air Europa, have also been reported, creating friction over how to structure a potential transaction. These family disputes, combined with structural concerns about the deal, have caused significant delays in the process.
Turkish Airlines, the Last Option on the Table
With the withdrawal of Lufthansa and Air France-KLM, Turkish Airlines remains the only known bidder interested in acquiring a stake in Air Europa. IAG’s current position and regulatory complexities could play a pivotal role in the evolution of these negotiations.
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