Air France-KLM, Lufthansa make final bids for TAP

Air France-KLM and Lufthansa Group, the two airline groups bidding for a 44.9% stake in TAP Air Portugal, have submitted their final bids.

Parpública, the Portuguese government entity handling TAP Air Portugal’s re-privatisation, invited bidders to submit final binding offers on September 4, 2026.

Air France-KLM submitted its initial non-binding bid for TAP Air Portugal on April 2, 2026, with Lufthansa Group also submitting its expression of interest and a matching offer around the same time.

On July 29, 2026, both airline groups submitted their initial binding offers to Parpública for a 44.9% stake in TAP Air Portugal.

Air France-KLM reiterated its continued interest in TAP Air Portugal on September 30, 2026, announcing that it had submitted its final offer for an up to 49.9% stake in the airline.

Benjamin Smith, CEO of Air France-KLM, said, “Our interest in TAP is stronger than ever, and we are excited to present this final offer for up to 49.9% of TAP. Over the past four weeks, our team plus our advisors have worked diligently to strengthen our bid, and I am convinced that this revised proposal is the best path forward for TAP, its management, its employees, and its customers, as well as for Portugal. What we present today is an ambitious long-term strategic plan, one we believe best positions TAP for the future and safeguards Portugal’s connectivity and sovereignty. My personal conviction and our guiding principle remain unchanged: if Air France-KLM is selected, TAP and Portugal will win in the global aviation marketplace. Our proposal is designed around a stronger Portuguese flag carrier, with Lisbon as the Air France-KLM Group's exclusive Southern hub with greater connectivity, and a clear intention to create jobs and value throughout Portugal.”

The group said its offer is supported by a strategic plan covering passenger transport, cargo, loyalty and maintenance, repair and overhaul (MRO). The plan aims to strengthen TAP’s strategy and support the development of Portugal’s aviation industry.

Air France-KLM said its broader goal is to support TAP’s long-term growth not only in Lisbon, but also in Porto and other cities across Portugal, while maintaining a sustainable approach.

In a written statement, Lufthansa said its experience in developing network airlines would enable the group to support TAP’s future growth, improve its competitiveness, and further strengthen its position as Portugal’s flag carrier.

The Portuguese government is expected to make a final decision on TAP Air Portugal’s privatisation by mid-October 2026.