Air France-KLM and Lufthansa submit binding bids for Portugal's TAP as privatization enters final stage
The two European airline groups handed in binding proposals on Wednesday, the deadline day, for a 44.9% reference stake in Portugal's flag carrier, with a winner expected by September.
Air France-KLM and Deutsche Lufthansa have each submitted a binding offer in the third and final mandatory stage of TAP's partial sale, state holding company Parpública announced on 29 July 2026. The process covers a reference stake of 44.9% of the airline's share capital, while up to 49.9% can be sold in total; 5% is reserved for workers, with the selected investor holding a pre-emption right over any unsubscribed portion.
Within the scope of the third stage of the reference sale of 44.9% of TAP's share capital, established in Article 13 of the Tender Specifications approved by Council of Ministers Resolution No. 141-B/2025, PARPÚBLICA, SGPS, S.A. announces that it has received two binding proposals, submitted by the interested parties invited to do so after the conclusion of the second stage of the said operation, Air France-KLM S.A. and Deutsche Lufthansa Aktiengesellschaft ("Deutsche Lufthansa AG") [listed in alphabetical order].
The binding proposals must detail financial and strategic terms, planned investment, fleet development, commitments to maintenance and sustainable fuels, and respect for labour agreements. Parpública now has 30 days to deliver a final report to the ministers responsible for finance and air transport, though the clock pauses if clarifications are sought from either bidder. An optional negotiation phase to improve offers may follow before the government picks a preferred investor. The final decision requires both approval by the Council of Ministers and clearance from EU competition authorities.
Infrastructure Minister Miguel Pinto Luz told Antena 1 in June that the government aims to select the winner by September, with the chosen group possibly taking on co-management of the carrier later in 2026. The actual entry into the share capital is expected in the summer of 2027, once Brussels gives its green light.
