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The outcome was determined today for the minority stake in TAP Air Portugal. The government ultimately turned to the German group Lufthansa.
This entity was chosen to acquire 44.9% of the capital of the Portuguese national carrier, sidelining the Air France – KLM offer.
The Portuguese government is expected to receive 1.2 billion euros thanks to the sale of a stake in TAP Air Portugal, with a total valuation estimated at 2.55 billion euros.
The Portuguese state retains 50.1% of the capital
The Portuguese state holds 50.1% of the capital, the remaining 5% will be reserved for employees.
TAP Air Portugal carried 16.7 million passengers in 2025.
The reaction of Ben Smith, CEO of Air France-KLM
« I would like to congratulate our teams for the remarkable work they have accomplished over the past months and years. I know this is not the outcome we hoped for collectively», he stated.
Air France-KLM had presented an offer that its leader described as a « strong and comprehensive », respectful « of TAP’s brand and heritage », with ambitions for the future development of the Portuguese carrier.
Despite this decision, Ben Smith asserts that « this does not change our strategy ». The group plans in particular to pursue its SAS – Scandinavian Airlines integration project, « subject to regulatory approvals ».
The executive finally extended his best wishes to the TAP Air Portugal teams: « We would have loved to welcome you into our family, but we will gladly welcome you aboard our airlines as friendly competitors. » He closed his message with these words in Portuguese: « Obrigado e votos de muito sucesso ! »




















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Published by Christophe Hardin 


