Icarus – 28 July 2026: Ownership and control update and expert replay; Lufthansa starts admin headcount cuts, SATA sale might get tangled with TAP

Research evidence excerpt

Icarus – 28 July 2026: Ownership and control update and expert replay; Lufthansa starts admin headcount cuts, SATA sale might get tangled with TAP

flights up to 5000km from the

EU is arbitrary and omits the key Atlantic market. Yet, in our view the chances of the US

accepting the imposition of the ETS on transatlantic flights are extremely low and the choice to

exclude the transatlantic from the ETS can be argued to be pragmatic – including the US would

almost certainly lead to the ETS expansion plan failing under the present political

circumstances.

Portugal considers linking Azores Airlines with TAP privatisation

aero.de (28 July) reports that Portugal is preparing another attempt to privatise Azores Airlines

while Lufthansa and Air France-KLM compete for a 44.9% stake in TAP Air Portugal. The Azores

government intends to sell 75% of Azores Airlines, with bids due by 21 September. Azores

Airlines carried 1.6m passengers in 2025 but recorded a €53.9m net loss. Its fleet consists of nine

Airbus aircraft, while the Portuguese state spends approximately €100m annually supporting air

links to the islands. The European Commission requires at least 51% of the carrier to be

privatised by 31 December 2026. SATA plans to separate the airline and convert €160m of debt

into equity before the sale. If no independent buyer emerges, the article notes that speculation

has increased that Portugal could combine the issue with the TAP transaction or arrange for

Azores Airlines to be acquired by TAP and its eventual strategic investor.

Future Travel Coalition sets out priorities for new government

Travel Weekly (27 July) reports that the Future Travel Coalition has written to Prime Minister

Andy Burnham outlining measures it believes are necessary to support travel-sector growth. Its