TAP Air Portugal (TP, Lisbon) does not fear that the current high fuel prices will derail the ongoing privatisation. Chairman Carlos Oliveira and chief executive Luis Rodrigues separately confirmed that the airline and its shareholder, the Portuguese state, are hopeful to select the new investor by October 2026. Lufthansa Group and Air France-KLM placed non-binding offers for a 44.9% stake. Binding offers are due by the end of July. A further 5% is reserved for the employees, with the Portuguese state aiming to retain control.