- IAG may abandon pursuit of TAP Air Portugal stake.
- Portugal plans minority sale up to 49.9pc.
- Conditions include Lisbon hub and route protection.
- IAG has until 2 April for non binding offer.
- Sale covers routes to Brazil Africa and North America.
IAG International Airlines Group may abandon pursuit of a stake in TAP Air Portugal as the group has concluded that Portugal plan to sell only a minority holding does not fit its strategy. No final decision has occurred and IAG may submit a non binding offer by 2 April.
Portugal invited IAG Air France KLM and Lufthansa Group to submit offers in December. The sale covers up to 49.9pc of TAP including fivepc for employees with conditions to maintain the Lisbon hub and protect routes. IAG withdrawal would narrow the field for the airline valued for routes to Brazil Africa and North America.
Portuguese government representatives declined comment. IAG has until 2 April to submit under the existing process.
