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Lufthansa and Air France-KLM Bid for TAP Air Portugal Stake

4/2/2026

28 6 Full Breakdown

Summary

Lufthansa, KLM Pursue TAP

Lufthansa Group (the German airline group) and Air France-KLM SA have submitted non-binding bids for a minority stake in TAP Air Portugal as Portugal advances privatisation.
The Portuguese government plans to sell 44.9% of TAP and reserve 5% for employees.
Bids must be submitted by April 2, and if authorities deem them unsuitable, reprivatisation may be suspended.
The process is expected to conclude in the second half of 2026.

History

Historical Context

In 2012, Portugal's government launched a privatization initiative to alleviate its debt, selling a 44.9% stake in TAP Air Portugal, following the 2011 sale of its majority stake to the Gateway consortium. This move aimed to attract foreign investment and enhance operational efficiency, reflecting a broader trend of privatization initiated after the 1980s to modernize the economy and reduce public sector deficits.

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Lufthansa, KLM Pursue TAP

Lufthansa Group (the German airline group) and Air France-KLM SA have submitted non-binding bids for a minority stake in TAP Air Portugal as Portugal advances privatisation.
The Portuguese government plans to sell 44.9% of TAP and reserve 5% for employees.
Bids must be submitted by April 2, and if authorities deem them unsuitable, reprivatisation may be suspended.
The process is expected to conclude in the second half of 2026.

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