Lufthansa Group submitted a non-binding offer to Portugal’s state holding company Parpublica for a minority stake in flag carrier TAP Air Portugal, meeting the April 2, 2026 deadline in the airline’s privatization process.
Lufthansa Head of Strategy Tamur Goudarzi Pour confirmed the bid earlier this week, stating the group would maintain its offered price despite the energy crisis and that a minority stake allows significant integration benefits without majority control.
Air France-KLM submitted its non-binding offer hours earlier. International Airlines Group (IAG) is reportedly leaning toward withdrawal, as its CFO Nicholas Cadbury indicated a minority stake conflicts with the group’s strategy requiring a path to majority ownership.
Portugal is selling a 44.9% stake in TAP, with 5% reserved for employees, announced in September 2025. All three groups expressed formal interest in November 2025. Infrastructure Minister Miguel Pinto Luz stated the winner will be selected by summer.
Proposals include financial offers, valuation mechanisms, industrial plans, synergies, and guarantees maintaining TAP’s EU air operator status, per Portuguese news agency Lusa.
Lufthansa CEO Carsten Spohr called TAP a perfect match for expansion into Brazil and Latin America. The group plans in-flight Starlink connectivity, a Lufthansa Technik maintenance facility near Porto, and potential pilot training with the Portuguese Air Force.
Lufthansa and TAP share Star Alliance membership, unlike SkyTeam’s Air France-KLM. TAP was renationalized in 2020 amid Covid-19 losses.