Air France-KLM and Lufthansa Bid for TAP Air Portugal Stake

Air France-KLM and Deutsche Lufthansa AG have submitted binding bids to Parpública, the Portuguese state holding company, to acquire a minority stake in TAP Air Portugal. The offers target a stake between 44.9% and 49.9% of the national carrier, following a privatization process initiated by the Portuguese government in 2025.

Air France-KLM proposes making Lisbon its exclusive hub in Southern Europe to increase connectivity to Africa and the Americas. Its plan includes developing maintenance, repair, and overhaul capabilities in Portugal and leveraging a partnership with Delta Air Lines to boost the North Atlantic market and link TAP's Brazilian operations with GOL. Benjamin Smith, CEO of Air France-KLM, described the proposal as a comprehensive long-term plan for the airline and the country.

Lufthansa Group intends to establish Lisbon as a strategic gateway to the South Atlantic and South America. To support this, the group has already broken ground on a Lufthansa Technik facility in Santa Maria de Feira, scheduled for 2028. CEO Carsten Spohr emphasized the group's ability to integrate airlines while preserving national identity.

Parpública has 30 days to evaluate the proposals before reporting to the government. Infrastructure Minister Miguel Pinto Luz intends to select a partner by September, with the possibility of the winning investor sharing management duties starting in 2026.