Air France – KLM or Lufthansa?
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 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
« After reviewing the proposals, the government chose Lufthansa’s bid, whose financial offer is 16% higher than the rival bid and carries a lower degree of uncertainty », said the prime minister at the end of the cabinet meeting on Wednesday, as cited by the Portuguese press.
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 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
Following the Portuguese government’s decision to keep Lufthansa in the partial privatization of TAP Air Portugal, Ben Smith, CEO of Air France-KLM, took care to commend the work of the group’s teams and to express his regrets.
« 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 ! »
« 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 ! »
