Air France-KLM and Lufthansa have submitted binding offers to acquire a 44.5% stake in the state-owned airline TAP Air Portugal.
Key facts
- •Air France-KLM and Lufthansa submitted binding bids for a 44.5% stake in TAP Air Portugal.
- •The deadline for the third phase of the privatization process expired on Tuesday.
- •The Portuguese government retains the right to request further clarifications from the bidders.
- •The government aims to conclude the sale process by September.
- •The selected investor is expected to provide a capital injection by the summer of 2027.
Air France-KLM and Lufthansa submitted binding proposals on Tuesday to purchase a 44.5% stake in TAP Air Portugal. The bids were confirmed by Parpública, the state entity managing the shareholdings, following the conclusion of the third phase of the airline's privatization process. The Portuguese government now has 30 days to analyze the documentation and prepare a report on the offers.
By the numbers
Privatization Process Details
The sale process, which was relaunched in 2025 by the government of Prime Minister Luís Montenegro, originally included International Airlines Group (IAG) before the company withdrew. The current government decree allows for the sale of up to 49.9% of the airline, with 5% reserved for employees and the state retaining majority ownership.
Next Steps and Timeline
Parpública may request further information from the bidders, which would suspend the 30-day review period. Following the report, the government may invite one or both bidders to submit a final offer. Infrastructure Minister Miguel Pinto Luz has expressed a goal to conclude the process by September, with the selected investor potentially sharing management duties in 2026 and a capital injection expected by the summer of 2027.
Timeline
- 2025The government of Luís Montenegro relaunched the privatization process for TAP.
- TuesdayThe deadline for submitting binding proposals expired.
- SeptemberThe government aims to conclude the privatization process.
- 2026The chosen investor could begin sharing management of the airline.
- Summer 2027The capital injection from the selected investor is expected to take place.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Euronews Business.
