Lufthansa and United weigh takeover of Portugal's TAP: Sueddeutsche

Lufthansa and United Airlines are considering taking over TAP-Air Portugal, a German newspaper reported Wednesday. Sueddeutsche Zeitung, citing unidentified corporate sources, said talks were not close to a conclusion and the process could take some time. The 3 airlines declined to comment. TAP, which was partly privatised in 2015, is 50%-owned by the Portuguese state. Private consortium Atlantic Gateway, led by Brazilian-US airline mogul David Neeleman, has a 45% stake. TAP employees hold the remaining 5%. Lufthansa earlier Wednesday announced a cost savings programme, including a suspension of new recruitment, to counter the business impact of the coronavirus outbreak. <br/>