Portugal proposes Lufthansa purchase of up to 49.9% of TAP Air Portugal

The Portuguese government announced on 14 October that Lufthansa would buy up to 49.9% of TAP Air Portugal, offering €1.025 billion for 44.9% of the airline and potentially €1.201 billion if workers’ shares are included.

The proposal also includes a €1.351 billion payment for the remaining 50.1% of TAP, split into €863 million in cash and a €488 million share swap, which would make Portugal the second‑largest shareholder of the combined group with about a 5% stake; the total valuation of both phases would be €2.552 billion, with the second phase requiring an independent procedure expected to be completed by 2028, and Lufthansa plans to expand TAP’s fleet to 117 aircraft by 2035 and 130 thereafter.