Air France-KLM and Lufthansa have submitted non-binding offers to acquire up to 49.9% of TAP Air Portugal’s capital as part of the Portuguese government’s privatization process. The Franco-Dutch group announced on April 2, 2026, that it filed its offer with Parpública, the state-owned agency managing public holdings. This move confirms Air France-KLM’s longstanding interest in the carrier, highlighting Lisbon’s ideal geographic position to serve as the group’s sole hub in southern Europe. Such integration would enhance connectivity to the Americas, including Brazil—a key market for both airlines—and Africa.
Lufthansa confirmed to AFP the same day that it submitted a non-binding bid, without disclosing details. The German carrier emphasized its role as a long-term Star Alliance partner with extensive investments in Portugal. Lufthansa CEO Carsten Spohr previously stated in November that the group remains the best partner for TAP and Portugal.
IAG, parent of British Airways and Iberia, expressed interest last November and had until April 2 to submit an offer. The Portuguese government, which renationalized TAP in 2020 amid the Covid-19 crisis, aims to complete the sale of the minority stake by 2026. Air France-KLM noted its experience collaborating with public shareholders and preserving historic brands, allowing TAP to maintain its Portuguese heritage while expanding globally. Lufthansa positioned itself as having the greatest capacity to develop the airline.