Lisbon, April 2, 2026 (Lusa) - The deadline for submitting TAP privatisation bids expires on Thursday. Three aviation groups, Lufthansa, IAG (owner of Iberia and British Airways), and Air France-KLM, have expressed interest.
Lufthansa guaranteed it will not withdraw from the process and confirmed it will submit a non-binding proposal. Tamur Goudarzi Pour, the group’s head of strategy, said that Lufthansa is the partner with the greatest capacity to develop the Portuguese airline.
The manager declined to provide further details, such as figures, citing the current stage of the process: "We are about to present the proposal, and it is not the right time to give details."
Despite admitting that an initial stake could be a minority one, Lufthansa dismissed any scenario of exiting the process, saying that integration could move forward immediately: "Many things can be done with a minority stake, although others will have to wait." This position aligns with the privatisation plan defined by the Portuguese government, which involves the sale of up to 44.9% of the capital, with 5% reserved for workers.
This stance emerges amidst persistent doubts regarding the interest of other potential buyers.
Following reports by Bloomberg suggesting that IAG might not proceed with a bid, an official source from the owner of Iberia and British Airways indicated only that, according to the process, the group has until Thursday to reach a decision.
Sources cited by Bloomberg stated that IAG considers Portugal’s option to sell only a minority stake as inconsistent with the group’s strategy.
In mid-February, Air France-KLM said it was working on a non-binding offer for the privatisation of TAP, whose network is "very complementary". The group suggested the Portuguese airline could hold a central position within its organisation.
"We were selected to be part of the process [of TAP privatisation], as one of the three airline groups in Europe [to move to the second phase]. Therefore, we are clearly working on a non-binding offer," stated the Franco-Dutch group’s Chief Financial Officer, Steven Zaat, during the 2025 results presentation.
The government announced on 19 December the conclusion of the pre-qualification phase. It mandated Parpública, the state business manager, to send invitations for non-binding proposals starting from 2 January, with the deadline ending on Thursday.
The tender specifications provide for the sale of up to 44.9% of TAP’s capital, with 5% reserved for employees. Any unsubscribed shares will remain subject to the future buyer's right of first refusal.
Infrastructure Minister Miguel Pinto Luz said that all interested parties, Air France-KLM, IAG, and Lufthansa, met the requirements and moved to the second phase.
Non-binding proposals must include a financial component, covering the price offered and additional valuation mechanisms such as 'earn outs', which involve future payments based on company performance.
Interested parties should also indicate their outlook for the future valuation of the remaining stake and potential alternative payment methods, such as share swaps.
Furthermore, bidders must present non-binding technical proposals. These should include an industrial and strategic plan for TAP, a preliminary vision for synergies and benefits to the airline, and guarantees to preserve its status as a European Union air operator.
ALN/RYOL // AYLS
Lusa
