Air France-KLM and Lufthansa Group met the April 2, 2026, deadline by submitting non-binding offers for a 44.9% minority stake in TAP Air Portugal to the Portuguese state holding company Parpublica, advancing the carrier’s privatization process.
The Portuguese government initiated the sale in September 2025, following formal interest from Air France-KLM, Lufthansa, and International Airlines Group (IAG) in November 2025. IAG has reportedly withdrawn, leaving the two European giants as primary contenders. Infrastructure Minister Miguel Pinto Luz indicated a winner will be chosen by summer, after bidders provide financial terms, strategic plans, synergies, and commitments to TAP’s EU operator status plus an extra 5% employee allocation.
Air France-KLM envisions Lisbon as its dedicated southern European hub to bolster transatlantic and South Atlantic routes from Paris and Amsterdam. Lufthansa aims to deepen its southern Europe presence and long-haul expansion beyond Frankfurt, Munich, Zurich, Vienna, and Brussels. Lufthansa’s strategy head Tamur Goudarzi Pour affirmed no price reduction despite energy challenges.
Portugal, holding majority control post-pandemic nationalization, prioritizes job protections, national links to Brazil and African nations, and Lisbon’s hub role amid the politically charged sale of its tourism-linked flag carrier. Shortlisted parties may proceed to due diligence and binding bids.