Lufthansa Group submitted a non-binding offer to Parpublica, Portugals state holding company, for a minority stake in TAP Air Portugal, meeting the April 2, 2026 deadline in the carriers privatization process.
The offer covers a 44.9% stake, with 5% reserved for employees. Lufthansa Head of Strategy Tamur Goudarzi Pour confirmed the bid earlier this week, stating the group would maintain its price despite the energy crisis and views a minority position as viable for integration benefits without majority control. CEO Carsten Spohr called TAP a perfect match, emphasizing its role in Lufthansa’s Latin America expansion from Lisbon and Porto.
Air France-KLM submitted its offer hours earlier, while International Airlines Group (IAG) reportedly leans toward withdrawing due to the minority stakes mismatch with its strategy requiring a path to majority ownership. Portuguese Infrastructure Minister Miguel Pinto Luz expects to select a winner by summer.
Proposals include financial terms, valuation mechanisms, strategic plans, synergies, and guarantees preserving TAPs EU air operator status. Lufthansa plans investments in in-flight connectivity via Starlink, a Lufthansa Technik maintenance facility near Porto, and potential pilot training with the Portuguese Air Force. As fellow Star Alliance members, Lufthansa and TAP align on networks, unlike SkyTeam operator Air France-KLM, whose win could prompt an alliance switch.
TAP, renationalized in 2020 amid Covid-19 losses, represents a key step in European airline consolidation following Lufthansa’s stakes in ITA Airways and airBaltic.