The Portuguese government plans to begin the privatisation of state-owned TAP Air Portugal (TP, Lisbon) in the first half of 2025 and has been in discussions with interested parties to assess their goals.
Prime Minister Luís Montenegro said his administration is finalising consultations with airlines interested in the flag carrier. In an interview with broadcaster SIC, he emphasised that the government does not want to proceed with the sale "without knowing the objectives of the market players."
Infrastructure Secretary Hugo Espírito Santo told the newspaper Faro de Vigo that the government aims to define the terms, restrictions, and goals for the privatisation by the end of 2024. "By December, we will have the model defined so it can be approved and initiated," he said, adding that IAG International Airlines Group, Lufthansa Group and Air France-KLM are among the interested parties.
Espírito Santo added that he would like TAP’s privatisation efforts to be completed in the first half of 2025.
Lufthansa is reportedly considering acquiring a 19.9% stake in TAP, below the 20% threshold that requires European Commission approval. Neither IAG nor Air France-KLM have disclosed their proposed stake sizes. However, IAG CEO Luis Gallego told CNN that while TAP's acquisition is not essential, it will be considered "if it makes sense to the group."
While Montenegro favours full denationalisation, the opposition insists on partial privatisation only, making it clear that it will not support a full divestment.
"I always argued that ideally, we could achieve a total privatisation, as long as we secure the routes that are strategic for us and the Lisbon hub... (but) I'm not saying that the model should be to go from 0% (private stake) to 100%," Montenegro said.
