Air France-KLM and Lufthansa submit final bids for TAP
Portugal must choose between two improved proposals for a stake in the national airline.
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Air France-KLM and Lufthansa have submitted their improved final bids for a stake in TAP Air Portugal. The Portuguese state is having Parpública compare the proposals before the government is expected to make a choice in October.
The two airline groups submitted their final proposals to Parpública on Wednesday, the Portuguese state-owned company overseeing the privatisation. The deal involves the sale of up to 44.9 per cent of TAP, as well as preferential rights for employees to acquire up to 5 per cent of the shares.
The proposals are improved versions of the binding bids submitted by the companies at the end of July. According to Euronews, Parpública has confirmed that the proposal-submission phase has thereby ended. The state-owned company must now draw up a report on the differences and relative attractiveness of both bids.
At the beginning of September, the government decided to ask both candidates for a new round. According to the Portuguese cabinet, the earlier proposals were sufficiently comparable to justify another phase of negotiations. The assessment will consider not only the price, but also the plans for TAP and the strategic consequences for Portugal.
Air France-KLM and Lufthansa are the two remaining candidates after other interested parties dropped out of the process. Both groups have previously said they want to strengthen TAP and maintain or expand Portugal’s international connections. The precise amounts of the improved bids have not been made public.
For Portugal, the sale is sensitive because TAP plays an important role in connections with Brazil, North America and other Portuguese-speaking countries. For the buyers, the deal concerns slots, connecting networks, maintenance, staff and TAP’s position within their existing alliances.
The choice is not yet a definitive takeover. First, the Portuguese state must designate a winner, followed by further negotiations and formal approvals. It also remains uncertain exactly what consequences a new shareholder would have for routes, employment and TAP’s independent position.
One story, several perspectives
What is established
- Two airline groups have submitted improved bids.
- The Portuguese state is selling a minority stake.
- The amounts have not been made public.
- The government still has to make a choice.
Left
Arguments TAP is public infrastructure with consequences for connectivity, employment and regional development. The state must safeguard control and the public interest and prevent profitable routes from being carved off.
Values Public control, worker protection and broad connectivity.
Consequences That could produce less from the sale or impose stricter conditions on the buyer, but should limit social and regional damage.
Centre
Arguments A strategic private partner can strengthen TAP financially and operationally, provided the state sets clear conditions for connections, employment and transparency. The choice should be based on both price and business plan.
Values Continuity, feasibility and a balance between the public and private interest.
Consequences A careful comparison process can provide stability, but leaves the state dependent on oversight and contractual agreements.
Right
Arguments The government should not interfere unnecessarily in commercial aviation. According to this view, a strong international group can invest more efficiently, make TAP more profitable and relieve taxpayers of risks.
Values Market forces, efficiency and financial discipline.
Consequences That could lead to the rationalisation of routes or staff, but possibly also to a financially stronger company.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
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The current bidding round has been confirmed by Euronews and the Portuguese procedure by government and Parpública documents. Non-public amounts and future effects have been presented as uncertain.
- confirmed Air France-KLM and Lufthansa submitted improved final bids on 30 September. — Euronews reports that both proposals were submitted to Parpública. source
- confirmed The deal concerns up to 44.9 per cent of TAP, with preferential rights for employees in addition. — The Portuguese government announcement and Parpública procedure describe the size of the transaction. source
- confirmed Parpública must compare the proposals before the government decides. — Euronews describes the next step in the process. source
Editor's note
The submission of the final bids and the size of the proposed stake are certain. The amounts, winner and consequences for routes and staff are not yet known.Sources
- TAP: Air France-KLM et Lufthansa remettent leurs offres finales — Euronews
- Comunicado do Conselho de Ministros de 4 de setembro de 2026 — Portugese regering
- Processo de reprivatização da TAP, SA — Parpública
More on this in Dutch media
- NU.nl — „tap air france-klm”
- De Telegraaf — „tap air france-klm”
- Trouw — „tap air france-klm”