The Portuguese Government extended until December 31, 2026 the deadline for concluding the TAP privatization process, through Council of Ministers resolution no. 176-A/2026, of September 4. The decision aims to allow an additional phase of negotiations with the two candidates for the purchase of the airline.
The final negotiations will last three weeks and involve Air France-KLM, of Franco-Dutch origin, and Germany's Lufthansa, which submitted binding offers on the last day of the deadline, July 29. The Minister of the Presidency, Leitão Amaro, announced that both offers present a "very close overall evaluation," which justifies the negotiation effort with both bidders to obtain "improved proposals."
The privatization process provides for the sale of up to 49.9% of TAP's capital, of which 5% is reserved for workers. Parpública will be responsible for inviting each bidder to join the final negotiation stage, defining the terms and conditions, as well as the content for the presentation of final and improved proposals.
The final decision will also involve a set of formal steps, including approval by the Council of Ministers and obtaining authorization from European competition authorities. The final proposals include financial and strategic terms for entry into the company's capital, with the planned investment, fleet development, focus on areas such as maintenance and sustainable fuels, and respect for labor commitments being evaluated.
