Turkish Airlines Becomes Sole Known Bidder for Air Europa After Lufthansa Pulls Out
Following Air France-KLM's exit, the German group has withdrawn its bid for the Spanish airline, leaving Turkish Airlines as the only known suitor in the race.
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Lufthansa is abandoning its plans to acquire a stake in the Spanish carrier Air Europa. The German airline group's decision, confirmed by a spokesperson on Tuesday, comes just a week after its competitor, Air France-KLM, announced a similar move, drastically altering the sale process for the Globalia-owned company.
With the withdrawal of the two European airline giants, Turkish Airlines now emerges as the only known bidder remaining in contention. This development adds a new layer of complexity to one of the most closely watched corporate sagas in European aviation. A Lufthansa spokesperson confirmed to Reuters that "after thorough analyses and intense negotiations, we have at this stage decided against further engaging in a capital contribution and shareholding in Air Europa."
Globalia, the family-owned company that controls Air Europa, has remained silent, declining to comment on the situation. Turkish Airlines also did not respond to requests for comment at the time of this publication.
The path for any potential buyer is notably complex. International Airlines Group (IAG), the consortium that owns Iberia and British Airways, already holds a 20% stake in Air Europa. This strategic move came after its attempt at a full takeover failed in 2024 due to strong objections from European Union competition regulators, who were concerned about excessive market concentration on routes between Europe and Latin America from the Madrid hub.
Frequently Asked Questions about the Air Europa Case
Why is Air Europa strategic? Its main asset is its route network to destinations in Latin America from Madrid-Barajas Airport, a high-value market where it competes directly with Iberia (IAG).
Who owns Air Europa? The airline is part of Globalia, a tourism conglomerate controlled by the Hidalgo family. Internal disputes are reportedly one of the factors that complicated negotiations.
What happens now? With Lufthansa and Air France-KLM out, Turkish Airlines is the only known bidder. However, IAG's 20% stake gives it a key blocking or negotiating position in any future deal.
Last week, Lufthansa CEO Carsten Spohr had already alluded to the hurdles. He described the negotiations as "difficult," and industry sources cited by Reuters pointed out that the structure of any proposed deal was intricate precisely because of IAG's pre-existing stake.
The withdrawal of Lufthansa and Air France-KLM not only reduces the number of interested parties but also highlights the deep structural challenges of the operation. These include disagreements among members of the Hidalgo family and concerns from airlines about how to structure a deal that would satisfy both the sellers and demanding antitrust regulators. The future of Air Europa and its valuable transatlantic network is, once again, up in the air.
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