Portugal to pick TAP buyer by mid-October, awaits improved bids

Deutsche Lufthansa AG

28/09/2026 16:50

LISBON, Sept 28 (Reuters) - Portugal expects to pick a winning bidder in the partial privatisation of flag carrier TAP by mid-October, Infrastructure Minister Miguel Pinto Luz said on Monday, as the government awaits improved offers from Air France-KLM and Lufthansa. 
The two airline groups were invited earlier this month to improve their offers after submitting undisclosed binding bids in July for a 44.9% stake in TAP.
Speaking at a tourism conference, Pinto Luz said "the two bidders will submit improved offers by Wednesday".
State holding company Parpublica will then have around 15 days to assess the proposals and prepare a report for the government.
"By mid-October, the government will announce its decision," he said.
Under the privatisation terms, a further 5% stake has been set aside for employees, while the winning bidder would have the option to acquire any shares not taken up by staff.

(Reporting by Sergio Goncalves; editing by Andrei Khalip)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters Messaging: sergio.goncalves.reuters.com@reuters.net/))