Portugal has selected Lufthansa to acquire a 44.9% stake in TAP Air Portugal for €1.025 billion, beginning the privatisation of the state-owned flag carrier. The transaction could rise to 49.9% and €1.201 billion if employees do not purchase the 5% shareholding reserved for them. The Portuguese government will retain majority ownership, while completion depends on contractual negotiations and European Commission competition approval.
Employee representatives criticised what they described as insufficient consultation during the sale process and called for long-term employment guarantees and the preservation of Lisbon as TAP’s hub. The cabin-crew union warned of possible effects on jobs, while the Portuguese pilots’ association viewed Lufthansa’s entry more positively and reported no immediate reason for concern.
Portugal’s national travel-agency association also raised concerns, with its members accounting for nearly 40% of TAP sales. Lufthansa is expected to become TAP’s industrial partner and could seek full ownership in a later phase, but the government’s current decision covers only the minority stake. The state is therefore set to remain TAP’s controlling shareholder until any subsequent privatisation process is completed.