The 19.9% figure comes from 2024 press reporting, not confirmed terms for Lufthansa’s current bid. Portugal’s 2026 privatization process offers a strategic investor up to 44.9% of TAP Air Portugal, with up to 5% reserved for employees. Lufthansa and Air France-KLM submitted final improved bids on 30 September 2026; as of 8 October, Portugal had not announced a winner or disclosed either bid’s value.
Does Lufthansa want 19.9% of TAP?
That percentage was reported in 2024, but it should not be treated as Lufthansa’s current offer. The Portugal News repeated earlier media reporting on 2 November 2024 that Lufthansa was targeting a 19.9% stake. The reporting does not establish that the figure carried over into the 2026 privatization process. The Portugal News’ 2024 report
In its 29 July 2026 statement, Lufthansa said it had bid for an initial minority stake without specifying a percentage. Neither the company statement nor the later reporting reviewed for the current process confirms that Lufthansa’s final offer is 19.9%.
How much of TAP is Portugal selling?
Portugal’s official 2026 process covers up to 49.9% of TAP overall: up to 44.9% for a strategic investor and up to 5% reserved for employees. The government invited Lufthansa and Air France-KLM to submit binding offers on 23 April 2026. Its stated evaluation criteria include price, an industrial plan, connectivity and the investor’s financial capacity. Government announcement of the sale structure
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The current structure is therefore broader than the historical 19.9% figure. It describes the maximum share available to the strategic investor, not the percentage any bidder is certain to receive.
Who is bidding, and has Portugal chosen a buyer?
The two bidders in the process are Lufthansa and Air France-KLM. Both submitted binding offers in July, and after Portugal opened another negotiation round, both submitted final improved bids on 30 September 2026. As of 8 October 2026, the reviewed sources reported no winning bidder and no final offer amounts.
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Portugal opened the additional round on 4 September after assessing the bids as broadly similar overall, although their contents differed. The Council of Ministers authorized Parpública, the state holding company managing the process, to seek final improved binding offers. It extended the process deadline to 31 December 2026 for the remaining negotiations, evaluation, selection and contract steps. Portuguese Council of Ministers resolution Reuters report on the negotiation round Reuters report on the final improved bids
How much did Lufthansa offer for TAP?
The amount has not been disclosed in the sources reviewed, and there is no public confirmation of the exact percentage in Lufthansa’s final bid. A valuation estimate reported by Reuters is not a bid price: on 1 September 2026, Reuters said Bernstein analysts estimated that a 44.9% stake could be worth about €700 million, implying a total TAP valuation of roughly €1.5 billion. Those figures were the analysts’ estimate, not an amount offered by Lufthansa or Air France-KLM and not an accepted sale price. Reuters report on the assessment and analyst estimate
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Why does Lufthansa say it wants a stake?
Lufthansa’s stated rationale is a long-term partnership with Portugal. In its 29 July 2026 statement, CEO Carsten Spohr described Lisbon as a strategic hub and said the group wanted to strengthen TAP’s role in South Atlantic connectivity. These are Lufthansa’s aims, not government commitments or guaranteed results of a sale. Lufthansa Group statement
Reuters has described TAP’s Lisbon links to Brazil, Portuguese-speaking African countries and the United States as attractive route assets, with connections relevant to Portugal’s diaspora, tourism and investment. That helps explain the airline’s strategic appeal but does not determine the winner or establish that routes will expand.
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What is known—and still unknown—about the bids?
The government has named the broad criteria for assessing offers, but the sources reviewed do not disclose the bidders’ final prices or full industrial plans. There is not enough public information to rank the two offers or say which is stronger.
- Known: Portugal’s process allows up to 44.9% to be sold to a strategic investor, with up to 5% reserved for employees.
- Known: Lufthansa and Air France-KLM submitted final improved bids on 30 September 2026.
- Not disclosed: The final bid amounts and Lufthansa’s exact final stake percentage.
- Not announced as of 8 October 2026: Portugal’s selected buyer.
For personal-finance readers following the transaction, the key distinction is between a reported historical target, an analyst’s valuation and an actual disclosed offer. Only the first two have specific figures in the reporting cited here; neither establishes the terms or outcome of the sale.
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