Air France-KLM and Lufthansa Group each have made non-binding offers for a minority stake in fellow European carrier TAP Air Portugal, the companies have confirmed.
International Airlines Group last November had expressed interest in pursuing a stake but ultimately decided to drop out from the bidding, according to Reuters.
The Portuguese government, which owns TAP, relaunched in 2025 its effort to privatise a share of the carrier and is offering up to 49.9 per cent of the airline, which includes a 44.9 per cent stake for an investor and a 5 per cent stake reserved for employees.
Air France-KLM submitted its bid on 2 April, the deadline for the submissions. "We value what TAP has built over the last 81 years: a strong Lisbon hub, a strong brand, and a unique value proposition that provides connectivity and pride to millions of Portuguese people," Air France-KLM Group CEO Benjamin Smith said in a statement.
Should Air France-KLM be successful, the company would make Lisbon its southern European hub, "offering extensive connectivity, notably to the Americas – including Brazil, a key market for both TAP and Air France-KLM – as well as Africa," according to the company. Air France-KLM also noted its joint venture with Delta Air Lines and Virgin Atlantic.
A Lufthansa Group spokesperson confirmed that the company had submitted a non-binding offer to TAP but declined to share any further details. The carrier established months ago that it was interested in the TAP stake.
During a 6 March earnings call, Lufthansa Group CEO Carsten Spohr confirmed the company was in the process of submitting a bid, "because we believe there would be a perfect addition to our multi-hub network, also due to the fact that we are currently the weakest on the Latin American market," he said. "The overlaps are less than they would be for others, which probably has an impact on the antitrust approvals to be obtained."