Portugal’s government has received Parpública’s assessment of binding bids from Lufthansa Group and Air France-KLM for a 44.9% stake in TAP Air Portugal, moving the long-delayed privatisation into its final decision phase. The review gives the Finance Ministry the formal basis to choose between the two airline groups or open talks for improved final offers, with the state also reserving 5% for employees under the wider sale structure.
The process was revived in 2025 after years of political and financial delay, with Lisbon seeking a strategic partner for the flag carrier while retaining a majority holding. The outcome will shape TAP’s long-haul network from Lisbon, its alliance alignment and its role in European traffic flows, particularly on routes linking Europe with Brazil, Africa and North America.
Parpública delivered its evaluation after the binding bids were submitted on 29 July. The government has not disclosed the financial terms and has not named a preferred bidder, leaving the next step in the hands of ministers as they assess the competing proposals.