What we know

• ■On 14 October 2026 the Council of Ministers chose Lufthansa; according to ECO it pays EUR 1.201 billion in total, against an Air France-KLM offer of EUR 1.038 billion.1
• ■Prime Minister Luís Montenegro said the decision concluded the first phase of the privatisation "in a transparent and competitive process".2
• ■Decree-Law 92/2025 allows the sale of up to 49.9% of TAP: up to 44.9% to a reference investor and up to 5% to employees.3
• ■Lufthansa and Air France-KLM were invited to the binding stage on 23 April 2026; IAG did not submit a bid on 2 April 2026.6
• ■Both bidders delivered improved final offers to Parpública on 30 September 2026.7
• ■The buyer must hold its shares for five years and the state keeps a pre-emption right.5
• ■The European Commission approved EUR 2.55 billion of restructuring aid for TAP on 21 December 2021, with slot, fleet and acquisition conditions.12
• ■Pilot union SPAC has asked both bidders for verifiable commitments on fleet, jobs, careers and what flying stays on TAP's AOC.13

Not yet known

• ■Whether Lufthansa will be invited to a final negotiation round and exactly when the contracts will be signed; ECO reports signing is planned by the end of 2026.1
• ■How long the EU review will take and whether remedies will be required; the finance minister expects 18 to 24 months.11

Timeline

1. 10 Jul 2025
   The Portuguese government approves the sale of up to 49.9% of TAP.4
2. 2 Apr 2026
   Air France-KLM and Lufthansa submit non-binding offers; IAG does not bid.6
3. 23 Apr 2026
   Air France-KLM and Lufthansa are invited to the binding stage.6
4. 29 Jul 2026
   Lufthansa and Air France-KLM submit binding offers.14
5. 30 Sep 2026
   Both bidders deliver improved final offers.7
6. 14 Oct 2026
   The Council of Ministers chooses Lufthansa, for a total of EUR 1.201 billion.1

All articles in this dossier

AIRLINES · 15 Oct 2026Portugal: Lufthansa to run TAP Air Portugal and has already bid for a majority

AIRLINES · 14 Oct 2026Portugal picks Lufthansa for TAP Air Portugal: what the sale means for pilots

Sources

1. 1ECO · Lufthansa pays 1,201 million and wins the TAP privatisation · 14 Oct 2026
2. 2Executive Digest · Government announces Lufthansa as winner of the TAP privatisation. German group offered 1201 million euros · 14 Oct 2026
3. 3Diário da República (via Parpública) · Decree-Law No. 92/2025 of 14 August · 14 Aug 2025
4. 4Governo de Portugal · TAP privatisation process started · 10 Jul 2025
5. 5Diário da República · Council of Ministers Resolution No. 141-B/2025 (tender specifications) · 22 Sep 2025
6. 6Governo de Portugal · TAP privatisation advances to final phase with two bidders · 23 Apr 2026
7. 7ECO · Air France-KLM and Lufthansa have played their last card for TAP · 30 Sep 2026
8. 8Jornal Económico · Bloomberg: Lufthansa and Air France-KLM raise TAP offers to more than a billion · 1 Oct 2026
9. 9MarketScreener · Lufthansa seen as favorite to acquire TAP ahead of Air France-KLM · 14 Oct 2026
10. 10Jornal Económico · Lufthansa wins the TAP privatisation · 14 Oct 2026
11. 11Observador · Closing of the TAP sale may slip to 2028 due to Brussels authorisation · 8 Oct 2026
12. 12European Commission · State aid: Commission approves €2.55 billion Portuguese restructuring aid in favour of TAP Group and €107 million compensation for damages suffered due to coronavirus pandemic · 21 Dec 2021
13. 13Jornal Económico · Final TAP bids should include 'concrete commitments', pilots argue · 9 Sep 2026
14. 14Lufthansa Group · Lufthansa Group Submits Bid for Minority Stake in TAP Air Portugal · 29 Jul 2026
15. 15Air France-KLM (via GlobeNewswire / The Manila Times) · Air France-KLM submits a binding offer for an up to 49.9% stake in TAP Air Portugal · 29 Jul 2026