Lufthansa has taken a 45 per cent stake in Belgium’s Brussels Airlines in the first step of a two-stage deal that allows the German carrier to take full control for a maximum price of €250m ($355m) in just over two years.

Making good on a promise to capitalise on flagging asset prices to help consolidate the European airlines sector, Lufthansa said it was taking a 45 per cent stake in SN Airholding, Brussels Airlines’ parent company, for €65m.