Lufthansa Group and Air France-KLM have submitted improved final offers for a stake in TAP Air Portugal, moving Portugal’s long-running privatisation process into its last stage. Parpública, the state holding company managing the sale, will now assess the revised binding bids before forwarding its recommendation to the government, which is expected to choose a winner in mid-October.
The two airline groups are competing for a 44.9% stake in TAP, with the Portuguese state set to retain 50.1% and a further slice reserved for employees. The revised proposals followed an earlier round of bids in July and a subsequent negotiation phase in September, after Lisbon pushed both suitors to improve their terms because the initial offers were closely matched.
TAP’s appeal lies in its Lisbon hub and its long-haul network, especially routes to Brazil and other South American markets. That transatlantic reach gives the carrier strategic value for both Lufthansa and Air France-KLM, each of which would gain a stronger foothold in southern Europe through the deal.
The exact bid values have not been disclosed, although reports indicate the offers have moved above the billion-euro level. The process is still unfinished, and the government has yet to name a preferred bidder.