State maintains majority on TAP board of directors as Lufthansa takes over operational management

The Portuguese state will hold five of the nine seats on TAP's board of directors and retain the chairman role, while Lufthansa will appoint three of the four members of the executive committee to run daily operations following its selection to acquire up to 49.9% of the airline for 1.2 billion euros. Strategic decisions such as fleet management and major operations will require consensus with Lufthansa, and the government is already considering a potential second phase to privatize the remaining 50.1% stake, which could involve a share swap making the state a 5% shareholder in the combined Lufthansa group. The first phase of the privatization is expected to be completed by early 2028, subject to regulatory approval.