Critical day in TAP privatization: Lufthansa and Air France-KLM make their final offers

One of the important stages in the partial privatization of Portugal's national airline, TAP, is being completed today.

Air France-KLM and Lufthansa are expected to submit their final offers for a 44.9% stake in TAP to Parpública, which manages state subsidiaries, today.

The government has approximately 15 days to evaluate the proposals and the selection is planned to be announced in mid-October.

Not all TAP is sold

In the current privatization process, 44.9% of TAP capital will be sold to strategic investors.

An additional 5% is reserved for employees.

If the employees do not purchase this entire share, the investor selected for the unused portion has the right to choose.

Thus, the current process covers up to 49.9% of TAP capital.

The Portuguese state will remain the majority shareholder of the company.

Price will not be the only criterion

While the proposed purchase price is important in the government's evaluation, it is not the only criterion.

The industry and growth plans submitted by the candidates for TAP will also be examined.

Preservation and development of Lisboa as a hub, Porto operations, connections to Brazil, investments in the fleet, aircraft maintenance capacity, sustainable aviation fuels and commitments to employees are among the evaluation topics.

Air France-KLM and Lufthansa submitted their binding offers at the end of July, The government decided to hold a final round of negotiations with both groups because the two proposals were close to each other.

The new owner of TAP is not determined today

Today's offer deadline does not mean that the sale of the company has been completed.

Investor selection will be made after Parpública and the government evaluate the offers.

The process will then go through the necessary official approvals, including Conselho de Ministros, and will also be subject to evaluation by European competition authorities.

For this reason, even if a choice is announced in mid-October, the transfer of TAP shares will not be completed on the same day.

Has anything changed today for passengers?

For TAP passengers, today's offer delivery has no direct impact on flights, tickets, baggage allowance, Miles&Go program or existing reservations.

Issues that may be important for passengers in the long term will be the selected investor's plans regarding the Lisboa and Porto flight network, connections to Brazil, connection system with other airlines and fleet investments.

Their actual impact will only be seen after the privatization process is completed and the new strategic partners begin to implement their plans.

Resources

Dinheiro Vivo — September 30, 2026

https://dinheirovivo.dn.pt/empresas/tap-air-franceklm-e-lufthansa-entregam-hoje-propostas-finais-de-compra-da-companhia

ECO — September 25 2026

https://eco.sapo.pt/2026/09/25/lufthansa-e-air-france-entregam-oferta-melhorada-pela-tap-no-dia-30/

ECO — September 28, 2026

https://eco.sapo.pt/2026/09/28/pinto-luz-confirma-decisao-sobre-venda-da-tap-em-meados-de-outubro/