Air France-KLM submitted a non-binding offer on April 2, 2026, to Parpublica, the Portuguese holding company managing government stakes, for a minority share in TAP Air Portugal amid its ongoing privatization. The bid targets up to 49.9% of TAP’s capital, with 5% reserved for employees, as Portugal seeks a strategic partner while retaining majority public ownership.
The Franco-Dutch group emphasized its strong interest in TAP, highlighting Lisbon Airport’s strategic position as a potential southern European hub with robust connectivity to the Americas, including Brazil, and Africa. Air France-KLM noted complementary networks with TAP, enabling integration into its transatlantic partnership with Delta Air Lines and Virgin Atlantic to boost Portugal’s air links.
CEO Benjamin Smith stated the group aims to strengthen Lisbon operations and expand connectivity in cities like Porto, preserving TAP’s Portuguese heritage. Air France-KLM cited its experience with state shareholders and growing historic brands.
The offer met the April 2 deadline set after invitations to Air France-KLM, Lufthansa, and IAG in late 2025. Lufthansa confirmed its bid, while IAG’s participation remains uncertain following reports it may withdraw. Portugal’s government, via Infrastructure Minister Miguel Pinto Luz, anticipates selecting a winner by summer, following President Marcelo Rebelo de Sousa’s August 2025 privatization approval.
Financial terms were not disclosed.