British Airways and Iberia owner IAG has set its sights on TAP Air Portugal if conditions are right.
Chief executive Luis Gallego suggested that the group may be interested in acquiring Portugal’s state-owned airline.
Separately, he said IAG was open to selling some Madrid slots to Ryanair as part of potential remedies to its acquisition of Air Europa.
“The TAP operation may make sense from a strategic point of view because of the Brazilian market, they are complementary… but we have to look at the other conditions under which it is privatised,” Gallego reportedly said.
The Portuguese government has indicated that it wants to sell TAP as early as July, once the company’s value is established, but intends to keep a strategic stake.
At least three major global carriers — IAG, Lufthansa, and Air France-KLM — have so far shown an interest, Reuters reported.
IAG agreed in February to buy the remaining 80% in Air Europa it does not already own for €400 million. The deal still needs antitrust approval from the European Commission.
Gallego said IAG was open to selling some Madrid slots to Ryanair as part of potential remedies to gain clearance for its acquisition of the Spanish airline.
Ryanair has said it was keen to buy any Madrid slots the Commission would force IAG to sell.
“We are following the process because we are interested in the possible liberation of slots in different airports,” Ryanair’s country communications manager for Spain told a newspaper in the country.
“We are interested in slots in Canary and Balearic Islands and in Madrid, but the truth is that we are open to any opportunity as we are in growth phase in Spain.”