Air France-KLM and Lufthansa submit non-binding offers for stake in TAP Air Portugal
Air France-KLM and Lufthansa submitted (02-Apr-2026) non binding offers for a 44.9% minority stake in TAP Air Portugal. Air France-KLM stated: "Lisbon would become the Group's unique Southern European hub, offering extensive connectivity notably to the Americas - including Brazil, a key market for both TAP and Air France-KLM, as well as Africa". IAG did not submit a bid, stating: "We have always said that in any acquisition situation we need a route to full ownership in order to be able to manage and transform the business". As previously reported by CAPA, Portugal's Prime Minister Luis Montenegro stated the bidders in the privatisation of TAP Air Portugal must strengthen TAP's operations and routes not only at its Lisbon hub, but also at Portugal's nine other airports. Mr Montenegro said: "We will demand that the full use of our airport capacity potential is guaranteed. There will be no privatisation if we don't guarantee this". [more - original PR - Air France-KLM] [more - Aviation Week]
Background ✨
TAP Air Portugal’s privatisation process reportedly moved into its final phase after a parliamentary review of the decree regulating the sale, with Portugal aiming to raise at least EUR700 million for up to a 44.9% stake and select a winner before summer 2026, with non-binding offers due by 02-Apr-20261. Air France-KLM CEO Ben Smith said it was working on the process’ second phase, anticipating submission of a non-binding offer in the “next weeks and months”2. Lufthansa Group confirmed it filed a formal letter of interest with Parpública, seeking an initial minority stake and a long term partnership with TAP3.