Portugal awaits binding bids for TAP as Air France-KLM, Lufthansa face off

Portugal is set to receive binding bids on Wednesday for a minority stake in TAP, with Air France-KLM and Lufthansa the only contenders after submitting non-binding offers in April. Lisbon relaunched the long-delayed privatisation in July 2025, targeting a sale of 44.9% to a strategic airline partner. The government says TAP must join a larger group because EU state-aid rules prevent further public funding and could leave the airline exposed to future shocks. Binding bids are due by 5 p.m. (1600 GMT). Analysts at Bernstein value the 44.9% stake at about €700 million. Both bidders said they plan to preserve brands and hubs, leveraging TAP’s valuable slots to routes linking Lisbon with Brazil, Portuguese-speaking Africa and the U.S.