The airline's privatisation could go beyond the 44.9% stake already offered to Lufthansa, as the German group is reportedly proposing to acquire the entire airline in a deal that could reach €2.552 billion, SIC Notícias reports.

The agreement for the partial sale of TAP will be signed on 3 November, after the Government accepted Lufthansa's offer to acquire 44.9% of the airline for €1.201 billion, with the possibility of purchasing any shares not subscribed to by employees. If that happens, Lufthansa could eventually control 49.9% of TAP.

Miguel Pinto Luz, Minister of Infrastructure and Housing, believes the transaction should take a different direction, calling for the sale of 100% of TAP. This possibility has been backed by Lufthansa, which has also submitted an offer for the entire airline.

To acquire the remaining 50.1% of TAP, the German group is proposing to pay €863 million in cash and a further €488 million in Lufthansa shares, SIC Notícias reports.

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