The Portuguese government decided to extend until December 31, 2026 the deadline for completing the TAP privatization process, through Council of Ministers Resolution No. 176-A/2026, published on September 4. This extension aims to allow three weeks of final negotiations with the two candidates that submitted binding offers to purchase 44.9% of the airline.
The Minister of the Presidency, Leitão Amaro, announced that the executive will begin negotiations with Air France-KLM, of Franco-Dutch origin, and Lufthansa, German. Both companies submitted their binding proposals on July 29, the last day of the established deadline.
According to the minister, the offers are globally very close in terms of valuation, which justifies the additional negotiation effort with both contenders to obtain improved proposals. The goal is that the government can then choose a single contender for the very final negotiation. Parpública will define the terms and conditions of this negotiation stage with each candidate.
The privatization process provides for the sale of up to 49.9% of TAP's capital, with 5% reserved for workers, and the unsubscribed portion may be acquired by the selected investor through a right of first refusal. The final decision will also include formal steps such as approval by the Council of Ministers and authorization from European competition authorities.
