TAP Air Portugal chief Luís Rodrigues welcomes Lufthansa Group’s planned investment in the Portuguese flag carrier but expects a lengthy and difficult regulatory review. Lufthansa was selected as preferred bidder for an initial 44.9% stake, offering €1.025 billion. The holding could rise to 49.9%, with total consideration reaching about €1.2 billion if employee participation and other conditions are included.
Speaking at the ALTA Annual Meeting in Mexico City, Rodrigues said the next phase would focus on regulatory approval rather than transaction negotiations. The deal requires clearance from the European Commission, Brazilian authorities and US regulators, and no timetable has been established.
The European Commission’s competition assessment could be particularly complex because Lufthansa and TAP have overlapping networks. Regulators are expected to examine the effects on individual routes, including links between Europe and Latin America, where TAP has a strategically important presence. Rodrigues indicated that TAP would support the authorities by providing requested information but would not control the review process.
The transaction concerns a minority stake and does not immediately transfer control of TAP. Employees may acquire 5% of the airline, determining whether Lufthansa ultimately holds 44.9% or as much as 49.9%, while the Portuguese government retains the remaining shares. The selected bid therefore remains subject to regulatory and contractual approval before completion.