Air France-KLM and Lufthansa submitted binding offers on 29 July 2026 for a minority stake in TAP Air Portugal, moving the airline’s privatisation process into its next phase. The Portuguese state has received two proposals for a 44.5% to 44.9% stake, with control remaining in public hands and a small tranche reserved for employees. Parpública now has 30 days to assess the bids before sending a report to the government.
The two groups are the final contenders after IAG withdrew from the relaunch of TAP’s privatisation in 2025. The bids were filed as part of a process that seeks a strategic partner rather than a full sale of the carrier.
Both groups are presenting TAP as a strategic partner for Lisbon, with proposals centred on sustainability, network growth, cargo, loyalty and maintenance. The government may ask for clarifications during the review period and could invite one or both bidders to improve their offers.
The outcome matters because TAP is one of the few remaining independent European flag carriers. The decision could influence traffic flows through Lisbon and TAP’s role on routes to the Americas and Africa, while Portugal’s infrastructure minister has said he wants a decision on the airline’s future partner by September.