Turkish Airlines to Bid for 26-27% Stake in Air Europa with 275 Million Euro Loan; AirAsia X, Gold Reserve, BBVA Moves

Turkish Airlines plans to submit a binding offer for a minority stake in Spain-based Air Europa, aiming to expand its network across Europe and into international markets such as Latin America and the Caribbean. The move follows the withdrawal of Lufthansa and Air France from the bidding process, leaving Turkish Airlines as the sole contender for the acquisition. Turkish Airlines intends to provide a loan of 275 million euros to Air Europa, which will be converted into approximately 26 to 27 percent equity in the airline. Meanwhile, Malaysia's AirAsia X is preparing to launch non-stop flights to Turkey starting in November, signaling renewed ambitions to connect budget travelers to Europe. In a separate development, Toronto-listed miner Gold Reserve has requested a U.S. federal court to proceed with a final sale hearing to determine the winner of an auction for shares in the parent company of Venezuela-owned refiner Citgo Petroleum. This auction is contested by Gold Reserve and Vitol. Additionally, Spanish bank BBVA continues its takeover bid for Banco Sabadell despite selling TSB and paying a large dividend.