Lisbon, Sept. 2, 2026 (Lusa) - Parpública has sent the government the report on the binding bids from Air France-KLM and Lufthansa for the purchase of 44.9% of TAP, an official source at the Ministry of Finance told Lusa.
«Parpública today submitted to the government the report assessing the binding bids received for the privatisation of TAP. The government will now analyse the document and, in due course, will issue a statement on it, in order to move this process forward,» the source said.
Air France-KLM and Lufthansa submitted binding bids on 29 July, the final day of the deadline, as part of the TAP privatisation process.
The process provides for the sale of up to 49.9% of TAP's share capital, with 5% reserved for employees; the selected investor may acquire any unsubscribed portion under a right of first refusal.
The final bids must include the financial and strategic terms for acquiring a stake in the airline; the proposed investment, fleet development, commitment to areas such as maintenance and sustainable fuels, and compliance with labour commitments are also being assessed.
An optional phase of negotiations to improve the bids may also follow, before the investor is selected.
The final decision will also involve a series of formal steps, including cabinet approval and the ‘green light' from the European competition authorities.
The process for the partial sale of TAP, relaunched by the government in 2025, has been narrowed down to two candidates following the withdrawal of International Airlines Group (IAG), owner of Iberia and British Airways.
IAG explained its decision by citing the priority given to other strategic opportunities and the fact that the Portuguese model provides only for the sale of a minority stake, whilst the group favours controlling interests.
Air France-KLM was the first interested party to confirm the submission of a non-binding bid in April, and has reiterated its strong interest in the Portuguese airline. The group also highlighted its experience in dealing with state shareholders.
The French state is the largest shareholder in Air France-KLM, with 27.98% of the share capital, followed by the Dutch state, which holds 9.13%.
«TAP fits perfectly into Air France-KLM's ‘multi-hub' strategy, and our aim is to strengthen operations in Lisbon, whilst developing connectivity in other cities across the country, including Porto,» the group's chief executive, Benjamin Smith, recently stated.
Lufthansa, for its part, is backing TAP's growth in the Brazilian market, the expansion of the Lisbon hub and the strengthening of operations in Porto.
The German group has acknowledged its willingness to acquire a minority stake, but intends to secure influence over the company's executive management.
Lufthansa Technik is also building an industrial facility at the Lusopark business park in Santa Maria da Feira, dedicated to repairing and maintaining aircraft components. The investment is valued at hundreds of millions of euros and is expected to create more than 700 skilled jobs by 2027.
The government is demanding that the TAP brand, the headquarters in Portugal, the Lisbon hub and routes considered strategic be retained. It is also demanding that international connections important to the Portuguese economy and communities be retained.
The privatisation focusses exclusively on the airline operations, excluding the shareholdings in the ground handling sector, via SPdH (formerly Groundforce), and in the catering sector, via Cateringpor, which have since been sold to complete the restructuring plan agreed with Brussels, as well as the property assets known as the «TAP stronghold».
The government also retains the right to cancel the process at any stage, without any entitlement to compensation for interested parties, should it consider that the bids do not safeguard the country's strategic interests.
ALN/ADB // ADB.
Lusa
