Air France-KLM has submitted its final proposal for a stake of up to 49.9% in TAP Air Portugal, alongside rival bidder Lufthansa, as Portugal’s privatization process for the flag carrier moves into the government’s hands. The offers were delivered to Parpública, with a decision expected around mid-October and the transaction still subject to further regulatory approvals.
The bidding round closes a negotiated phase that began after the two airlines’ earlier binding offers in July. Portugal is seeking a strategic investor for up to 44.9% of TAP, with a further 5% reserved for employees, under a structure designed to keep the state as majority shareholder.
Air France-KLM has positioned Lisbon as its exclusive Southern European hub in the event it is selected, and its bid covers passenger transport, cargo, loyalty and maintenance operations. The outcome will shape TAP’s future network strategy, fleet development and commercial partnerships, while also determining which group gains a foothold in one of Europe’s most contested airline privatizations.