Air France-KLM and Lufthansa Group, the two airline groups vying to acquire a 44.9% stake in TAP Air Portugal, have submitted their final bids.
On September 4, 2026, Portuguese government entity Parpública, which is running the airline’s re-privatization process, invited bidders to submit their final, binding offers.
The two airline groups, which remain the only bidders in the process, submitted a first bid for the Portuguese flag carrier in July 2026.
The exact content of the two offers has not been made public, although they are expected to offer the Portuguese government improved terms in order to secure the acquisition.
The only detail of the bids that appears to have leaked was reported by Portuguese newspaper Jornal Economico on September 11, 2026. According to that information, a differential element in the Air France-KLM offer was the option of making part of the payment with shares in the Franco-Dutch group rather than cash.
Benjamin Smith, the Chief Executive Officer (CEO) of Air France-KLM, posted a statement on Linkedin on September 30, 2026, reaffirming the group’s interest in TAP Air Portugal and outlining his vision for the Portuguese carrier. Smith mentioned the commitment to respect TAP’s own corporate and brand identity and strengthen the airline’s role as a transatlantic connector, as well as the desire to make Lisbon the exclusive southern European hub of the Air France-KLM Group.
The Portuguese government will now evaluate the two bids over a period of two weeks and consider the financial proposals. It will also evaluate other elements strategic to the future of the Portuguese commercial aviation industry and air connectivity, such as future investment commitments, workforce development, and environmental measures.