Air France-KLM, Lufthansa Submit Final Bids for 44.9% TAP Stake

Air France-KLM and Lufthansa submitted final bids on September 30, 2026, for the privatization of 44.9% of TAP Air Portugal, state holding company Parpública said. The revised offers are expected to improve on proposals filed July 29, 2026. Parpública will prepare a descriptive report assessing each bid's overall merit on investment plans, fleet development, maintenance, sustainable fuels and labor commitments, then forward it to the finance and air transport ministers. The government has 15 days to take a position. Air France-KLM said it reiterated interest with a proposal for up to 49.9% of TAP, citing Lisbon as its exclusive Southern Europe hub. CEO Benjamin Smith called it an ambitious long-term plan. Lufthansa said its track record developing network airlines makes it the best partner to support TAP's growth. The sale includes 5% of shares reserved for employees. Final approval requires the Council of Ministers and European competition clearance.