Lufthansa (LHA GY) has offered a purchase price of EUR 1.025bln for the 44.9 percent stake in TAP; welcomes selection of its offer in TAP Air Portugal privatization process

Flag-carrier privatizations in Europe have historically drawn interest from the same small group of network airlines, and minority stakes of this size have typically served as a foothold rather than an endpoint: precedents in the sector show initial non-controlling positions converting into full consolidation once regulatory comfort and operational integration are established. The binding constraint in these deals has consistently been Brussels, with slot remedies and route-level overlap determining whether a minority stake can deepen into control, and airline consolidation cases have tended to involve lengthy remedy negotiations centered on congested hubs. Lisbon's value to a buyer lies in its South Atlantic and Lusophone connectivity, a network logic that has driven prior Iberian and Lusophone tie-ups, so competition scrutiny will focus on where TAP's long-haul overlaps with the acquirer's existing alliance and JV structures. Selection of the offer is a political step, not a completed transaction: the follow-ons are the definitive agreement terms, state retention of the remaining stake and any golden-share or strategic-asset conditions Lisbon attaches, then the merger-control filing. Government sellers in past airline privatizations have also retained board or labor protections that complicate integration economics. Worth noting that rival bidders in such processes have on occasion challenged selections or improved terms before signing, so the process is not necessarily closed.