Lufthansa tipped to win 44.9% TAP stake; frequent flyers should watch next steps

Lufthansa Group is expected to win the bidding for a 44.9% stake in TAP Air Portugal, Reuters reports, putting it ahead of Air France-KLM in Portugal’s privatization process. A government announcement is expected at an extraordinary cabinet meeting on October 14, 2026. The selection has not yet been officially announced, and an investment would require regulatory approval.

Lufthansa reportedly gained the advantage with an all-cash offer, compared with Air France-KLM’s proposed combination of cash and shares. Reuters also identified Lufthansa’s stronger financial position as a factor. Portugal restarted the privatization effort in summer 2025.

For frequent flyers, the immediate distinction is between ownership and passenger benefits: the report announces no changes to routes, schedules, cabins, fees or loyalty arrangements. TAP already belongs to Star Alliance, making Aeroplan the relevant program to watch for Canadian travellers and MileagePlus for US travellers. There is no announced reason to change an existing booking or move credit-card points because of the expected investment.

The bigger question is whether TAP eventually joins the transatlantic joint venture in which it does not currently participate. Closer fare and schedule coordination could affect competition across the Atlantic, but that is a possibility—not an announced part of this deal. TAP would also strengthen Lufthansa Group’s reach in South America. Canadian and US travellers should watch the government’s decision, regulatory conditions and any subsequent network or loyalty announcements.