Air France-KLM and Lufthansa submit final bids for TAP stake

Air France-KLM and Lufthansa have submitted their final bids to acquire a 44.9% stake in TAP Air Portugal, closing the bidding phase and leaving the Portuguese government to select its preferred investor.

State holding company Parpública confirmed the submissions on Wednesday, 30 September. It will assess the revised proposals and send its findings to the ministers responsible for finance and air transport. Infrastructure Minister Miguel Pinto Luz said the government would then have 15 days to take a position.

The assessment will consider financial terms alongside investment plans, fleet development, maintenance, sustainable aviation fuels and labour commitments. The sale also reserves 5% of TAP’s shares for employees. Any shares they do not purchase could go to the selected investor, potentially increasing its holding to 49.9%.

Air France-KLM said its strengthened proposal would preserve TAP’s identity and make Lisbon the group’s exclusive Southern European hub. CEO Benjamin Smith described the bid as a long-term plan to support the airline’s growth and safeguard Portugal’s connectivity.

Lufthansa said its experience in developing network airlines made it the best partner to strengthen TAP’s competitiveness and its role as Portugal’s flag carrier.

The selection remains subject to formal steps, including approval by Portugal’s Council of Ministers and clearance from European competition authorities.