Lufthansa leads bid for 44.9% stake in TAP Air Portugal with all‑cash offer

Lufthansa submitted an all‑cash offer exceeding €1 billion for a 44.9% share of TAP Air Portugal, outbidding Air France‑KLM, which proposed a mix of cash and shares.

The Portuguese state will keep a 50.1% holding and reserve 5% of the airline for employees, while the government will decide on the preferred partner at an extraordinary cabinet meeting. After a partner is chosen, a final negotiation round and European Commission competition clearance, expected to take 18‑24 months, will follow, with any impact on public accounts projected around 2028.

Lufthansa says the acquisition would boost its presence in Brazil and Latin America and create synergies with ITA Airways through complementary hubs in Lisbon and Rome.