# TAP Air Portugal stake sale process > Live situation record from CLSTR: https://clstr.news/situations/tap-air-portugal-stake-sale-process > Updated: 2026-09-09T16:10:13.000Z. Sources: 86. Developments: 9. In late July 2026, Portugal’s state-holding Parpública received binding proposals from Air France-KLM and Lufthansa to acquire a minority stake of roughly 45-50% in TAP Air Portugal, with 5% earmarked for workers. Following the earlier withdrawal of IAG, these two groups remain the sole contenders for the 44.5%–49.9% stake. The offers value the airline at €1.4–2.0 billion, implying a transaction size near €700 million. Both bidders emphasize TAP’s strategic network to Brazil, Africa, and North America. Air France-KLM intends to use Lisbon as a Southern European hub and expects to negotiate a commercial agreement with its joint-venture partner, Delta Air Lines. Lufthansa aims to expand its Iberian presence and connectivity between Europe and the Americas, building on its existing control of ITA Airways. By mid-August, Prime Minister Luís Montenegro reaffirmed his confidence that the privatization would allow the state to recover its total investment of approximately €3.2 billion through sale proceeds and future dividends. On September 1, Parpública delivered its formal assessment report to the Portuguese government. On September 2, the government announced it has initiated final negotiations with both Air France-KLM and Lufthansa. Minister of the Presidency António Leitão Amaro stated that the two competing bids are “so similar in their overall valuation” that the government will engage in several weeks of bilateral negotiations with both parties to secure improved proposals. By September 9, the government extended the privatization deadline to December 31, 2026, to facilitate this final round of negotiations. The Council of Ministers has invited both groups to submit improved and final proposals, with a decision on the winning bidder anticipated by mid-October. ## Claims - The sale involves a minority stake of 44.9 percent in TAP. (disputed by 8 sources) - The privatization process involves the sale of up to 49.9% of TAP's capital, with 5% reserved for employees. (disputed by 5 sources) - Parpública delivered a report evaluating the binding offers from Air France-KLM and Lufthansa to the Portuguese government on September 1. (corroborated by 7 sources) - The new negotiation phase is expected to last three weeks. (corroborated by 7 sources) - The Portuguese government is opening final negotiations with both Air France-KLM and Lufthansa regarding the purchase of TAP Air Portugal. (corroborated by 6 sources) - The global evaluations of the two competing bids are very similar. (corroborated by 6 sources) - The government intends to conduct several weeks of negotiations with both groups to secure improved proposals before selecting a single bidder for final negotiations. (corroborated by 6 sources) ## Timeline ### 2026-09-09: TAP Air Portugal privatization enters final negotiation phase Portugal has launched a final three-week negotiation phase for the sale of a 44.9% stake in TAP Air Portugal, asking Lufthansa and Air France-KLM to improve their equivalent bids by mid-October. 10 sources. https://clstr.news/cluster/tap-privatization-deadline-extended-for-air-france-klm-and-lufthansa ### 2026-09-06: TAP Air Portugal privatization enters negotiation phase with Lufthansa and Air France-KLM Portugal has entered negotiations with Lufthansa and Air France-KLM for a stake of up to 44.9% in TAP Air Portugal, seeking improved financial offers during the airline's privatization process. 4 sources. https://clstr.news/cluster/tap-air-portugal-privatization-enters-negotiation-phase-with-lufthansa-and-air-france-klm ### 2026-09-04: TAP Air Portugal privatization enters final negotiation round Portugal has launched a final round of negotiations with Air France-KLM and Lufthansa for the privatization of TAP Air Portugal after both groups submitted closely valued binding offers. 16 sources. https://clstr.news/cluster/portugal-advances-tap-privatization-and-fuel-tax-debates ### 2026-09-02: Portugal opens final talks with Lufthansa and Air France-KLM for TAP privatization Portugal is entering final negotiations with Air France-KLM and Lufthansa to improve their binding bids for a minority stake in TAP Air Portugal, following a close evaluation of both offers. 11 sources. https://clstr.news/cluster/alto-mondego-municipalities-launch-railway-tourism-project ### 2026-08-28: Parpública to deliver TAP privatization bid evaluation to Portuguese government Parpública will submit a report on September 1 evaluating binding bids from Air France-KLM and Lufthansa to acquire a 44.9% stake in TAP Air Portugal as part of its privatization process. 4 sources. https://clstr.news/cluster/parpblica-to-deliver-tap-privatization-bid-evaluation-to-portuguese-government ### 2026-08-14: Luís Montenegro expects TAP privatization to recover state investment Prime Minister Luís Montenegro believes the privatization of TAP Air Portugal will enable the state to recover its 3.2 billion euro investment through the sale of a 44.9% stake and future dividends. 3 sources. https://clstr.news/cluster/lus-montenegro-expects-tap-privatization-to-recover-state-investment ### 2026-08-02: Air France‑KLM and Lufthansa submit competing bids for TAP Air Portugal stake Air France‑KLM and Lufthansa have each submitted binding offers for up to 49.9% of TAP Air Portugal, with a government decision due in early September, citing strategic growth and network benefits. 5 sources. https://clstr.news/cluster/air-franceklm-and-lufthansa-submit-competing-bids-for-tap-air-portugal-stake ### 2026-07-31: Air France‑KLM and Lufthansa submit final bids for TAP Air Portugal Portugal’s Parpública is reviewing final bids from Air France‑KLM and Lufthansa for a 44.5%–49.9% stake in TAP Air Portugal, with a decision targeted for September. 5 sources. https://clstr.news/cluster/air-franceklm-and-lufthansa-submit-final-bids-for-tap-air-portugal ### 2026-07-29: TAP Air Portugal receives binding offers from Air France-KLM and Lufthansa Parpública got binding offers from Air France‑KLM and Lufthansa on 29 July 2026 for up to 49.9% of TAP, valued at €700 m; decision expected by early September, with a 30‑day report deadline. 50 sources. https://clstr.news/cluster/tap-privatization-deadline-reached-final-bids-from-air-franceklm-lufthansa --- Cite as: TAP Air Portugal stake sale process. CLSTR, https://clstr.news/situations/tap-air-portugal-stake-sale-process