Lufthansa’s interest in the TAP privatization process remains firm, with the group admitting that the Portuguese flag carrier is the “perfect fit” in the German company’s operations, mainly on strategic transatlantic routes.
Despite the assumed relationship, the CEO of Lufthansa assures that the business will only see the light of day if it brings benefits to shareholders and leaves a warning to the Executive. “We are talking to the Portuguese government, but there is one point to consider: this transaction, even if it is strategically interesting, will only move forward if it also generates a return for our stakeholders. And this depends on the costs and the price that will have to be paid”, warned this Friday, 6th, Carsten Spohr.
During the conference to present the annual results, which took place in Frankfurt, the person responsible said that “at a certain point it will be necessary to analyze the financial components in addition to the transaction itself”, but that “that phase has not yet reached”.
For now, Lufthansa is preparing, together with its competitors Air France-KLM and IAG, to deliver to Parpública the non-binding proposal for the acquisition of a 44.9% stake in TAP’s capital, by April 2nd.
“We want to keep this process ongoing because TAP would be a perfect fit for us. It would be an important addition to the Brazilian market and to our presence in Latin America. We have demonstrated that we know how to preserve the unique identity of the hubs and brands, while at the same time exploring the synergies of the Lufthansa group”, explained the executive president.
Carsten Spohr has no doubt that the German group is better positioned compared to its competitors who, he believes, represent a greater threat to the hub in the capital.
“Just look at where Lufthansa has its hubs and you can see what unique positions Portugal could have for us. Our competitors are already strong in the South Atlantic: some have a hub in Madrid, others in Paris, which are much closer to Portugal. This means that the threat for a hub in Portugal and Lisbon would be much greater, which ends up being yet another argument in favor of the Lufthansa group”, he argued.
When asked about the possibility of the European Commission approving a possible acquisition of the stake in TAP, he asserts that “it is still early” to make predictions, but reinforces that “the issue of competition is not as relevant for Lufthansa as it may be for other interested parties”.
It should be remembered that the Government approved in July last year the diploma that frames the privatization process of TAP, defining the sale of a minority stake in the capital of 49.9%. Of the slice to be sold, 44.9% will be in the hands of a private investor and 5% of the capital will be allocated to workers.
After the Executive gave the green light, on December 19, 2025, to the proposals of the three candidates for the purchase of TAP, after validating compliance with the requirements to move to the second phase of the process, Parpública invited, at the beginning of the year, the groups to present a non-binding proposal that will have to be delivered by the beginning of next month.
The process will last 90 days, plus a period of another 30 days for evaluation by the company responsible for managing the State’s holdings, which will subsequently prepare a new report assessing the documentation received.
The Government’s objective is to have the sales process completed by the summer.
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