Air France-KLM and Lufthansa Group have submitted improved final bids for a 44.9% stake in TAP Air Portugal, moving the Portuguese carrier’s privatisation into the government’s hands. The offers were delivered to Parpública on Wednesday, closing the bidding phase and setting up a decision by the Portuguese authorities in mid-October.
Parpública will now prepare a report assessing the merits of the revised proposals before forwarding it to the ministers responsible for finance and air transport. The winner will become TAP’s strategic partner under a sale that includes 44.9% for investors and 5% reserved for employees, leaving the state with control of the airline.
Air France-KLM reaffirmed its interest by filing a final proposal for up to 49.9% of the carrier, while Lufthansa described its updated bid as a sign of confidence in its record with network airlines. Financial terms of the improved offers were not disclosed.
The decision will shape TAP’s network strategy, fleet planning, maintenance and sustainability priorities, while also influencing the competitive balance among Europe’s major airline groups. Formal approvals are still required, including the relevant Portuguese authorities and EU competition clearance.