Air France-KLM has moved from interest to execution, filing a binding offer for 44.9% to 49.9% of TAP Air Portugal as Portugal’s privatisation enters its next phase. The proposal preserves TAP’s brand, Lisbon hub and management while folding passenger, cargo, loyalty and maintenance streams into Air France-KLM’s network plan. Delta Air Lines backs the bid, which leans on TAP’s Brazil, Africa and North Atlantic flows. Parpública now reviews the offers before sending its recommendation to Lisbon, where the state will keep majority control even if a minority stake is sold.